Proceedings

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IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED

- AND -

IN THE MATTER OF
RICHVALE RESOURCE CORPORATION, MARVIN WINICK, HOWARD
BLUMENFELD, JOHN COLONNA, PASQUALE SCHIAVONE, and
SHAFI KHAN

- AND -

IN THE MATTER OF A SETTLEMENT AGREEMENT
BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION
AND HOWARD BLUMENFELD

ORDER



    WHEREAS on November 10, 2010, the Commission issued a Notice of Hearing pursuant to section 127 of the Securities Act (the “Act”) in respect of Howard Blumenfeld (“Blumenfeld” or the “Respondent”);

    AND WHEREAS on November 10, 2010, Staff of the Commission (“Staff”) filed a Statement of Allegations and on September 13, 2011, Staff filed an Amended Statement of Allegations;

    AND WHEREAS the Respondent entered into a Settlement Agreement dated October 13, 2011, (the “Settlement Agreement”) in relation to the matters set out in the Amended Statement of Allegations;

    AND WHEREAS the Commission issued a Notice of Hearing dated October 13, 2011, announcing that it proposed to consider the Settlement Agreement;

    UPON reviewing the Settlement Agreement, the Notice of Hearing, the Amended Statement of Allegations, and upon considering submissions from the Respondent through his counsel and from Staff of the Commission;

    AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;

    IT IS HEREBY ORDERED:

  1. the Settlement Agreement is hereby approved;
  2. pursuant to clause 2 of subsection 127(1) of the Act, Blumenfeld shall cease trading in any securities permanently;
  3. pursuant to clause 2.1 of subsection 127(1) of the Act, Blumenfeld shall cease acquisitions of any securities permanently;
  4. pursuant to clause 3 of subsection 127(1) of the Act, any exemptions in Ontario securities law do not apply to Blumenfeld permanently;
  5. pursuant to clause 6 of subsection 127(1) of the Act, that Blumenfeld be reprimanded;
  6. pursuant to clause 8 of subsection 127(1) of the Act, that Blumenfeld is prohibited permanently from becoming or acting as a director or officer of any issuer;
  7. pursuant to clause 8.5 of subsection 127(1) of the Act, that Blumenfeld is prohibited permanently from becoming or acting as a registrant;
  8. pursuant to clause 9 of subsection 127(1) of the Act, that Blumenfeld pay an administrative penalty in the amount of $250,000 for his non-compliance with Ontario securities law to be allocated under section 3.4(2)(b) to or for the benefit of third parties; and,
  9. pursuant to clause 10 of subsection 127(1) of the Act, Blumenfeld disgorge to the Commission the amount of $113,000 to be allocated under section 3.4(2)(b) to or for the benefit of third parties.

    DATED at Toronto this 14th day of October, 2011.

 

 

" James E.A. Turner "
James E.A. Turner