IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, as amended
- and -
ALBERT LESLIE JAMES, EZRA DOUSE
and DOMINION INVESTMENTS CLUB INC.
WHEREAS on March 12, 2010, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to section 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) in relation to Albert Leslie James, Ezra Douse and Dominion Investments Club Inc. (the “Respondents”);
AND WHEREAS the Respondents entered into a settlement agreement with Staff of the Commission (“Staff”) dated September 17, 2010 (the “Settlement Agreement”), a copy of which is attached as Schedule “A” to this Order, subject to the approval of the Commission;
AND UPON reviewing the Settlement Agreement, and upon hearing submissions from counsel for Staff and counsel for the Respondents;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;
IT IS ORDERED:
- That the Settlement Agreement is approved;
- That the Respondents will be reprimanded by the Commission;
- That all monies recovered by the Respondents from the Dominion forex investment program will be disgorged to the Commission for the benefit of third parties pursuant to s. 3.4(2)(b) of the Act;
- That each of Douse and James will pay an administrative penalty of $250,000 pursuant to s. 3.4(2)(b) of the Act;
- That each of Douse and James will cease trading in all securities for a period of 15 years;
- That any exemptions contained in the Act will not apply to the Respondents;
- That each James and Douse will be prohibited from becoming, acting or holding the title of director or officer in any market participant for a period of 15 years;
- That upon the approval of this settlement, that each of Douse and James will make a payment of $5,000 to the Commission in respect of a portion the Commission’s costs incurred in relation to this matter; and
- That each of James and Douse will attend the hearing in person.
DATED at Toronto this 20th day of September, 2010.