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 HEIR HOME EQUITY INVESTMENT REWARDS INC.; FFI
FIRST FRUIT INVESTMENTS INC.; WEALTH BUILDING MORTGAGES INC.;
ARCHIBALD ROBERTSON; ERIC DESCHAMPS; CANYON ACQUISITIONS, LLC;
CANYON ACQUISITIONS INTERNATIONAL, LLC; BRENT BORLAND; WAYNE D.
ROBBINS; MARCO CARUSO; PLACENCIA ESTATES DEVELOPMENT, LTD.; COPAL
RESORT DEVELOPMENT GROUP, LLC; RENDEZVOUS ISLAND, LTD.; THE
PLACENCIA MARINA, LTD.; AND THE PLACENCIA HOTEL AND RESIDENCES LTD.

- AND -

IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN
STAFF OF THE ONTARIO SECURITIES COMMISSION AND ERIC DESCHAMPS

ORDER
(Sections 127 and 127.1 of the Securities Act)



    WHEREAS on March 29, 2011, the Ontario Securities Commission (the "Commission") issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") to consider whether it is in the public interest to make orders, as specified therein, against and in respect of Eric Deschamps (“Deschamps”) and others. The Notice of Hearing was issued in connection with the allegations as set out in the Statement of Allegations of Staff of the Commission ("Staff") dated March 29, 2011 and amended February 14, 2012;

AND WHEREAS Deschamps entered into a Settlement Agreement with Staff of the Commission dated February 14, 2013 (the "Settlement Agreement") in which Deschamps agreed to a proposed settlement of the proceeding commenced by the Notice of Hearing dated March 29, 2011, subject to the approval of the Commission;

AND WHEREAS on February 19, 2013 , the Commission issued a Notice of Hearing pursuant to section 127 of the Act to announce that it proposed to hold a hearing to consider whether it is in the public interest to approve a settlement agreement entered into between Staff and Deschamps;

AND UPON reviewing the Settlement Agreement, the Notices of Hearing, and the Amended Statement of Allegations of Staff of the Commission, and upon hearing submissions from counsel for Deschamps 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 THAT:

(a) The settlement agreement is approved;

(b) pursuant to paragraph 6 of subsection 127(1) of the Act, Deschamps shall be reprimanded;

(c) pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities by Deschamps cease for a period of seven (7) years from the date of this Order;

(d) pursuant to paragraph 2.1 of subsection 127(1) of the Act, acquisition of any securities by Deschamps is prohibited for a period of seven (7) years from the date of this Order;

(e) pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Deschamps, for a period of seven (7) years from the date of this Order;

(f) pursuant to paragraphs 7, 8.1 and 8.3 of subsection 127(1) of the Act, Deschamps shall resign all positions that he holds as a director or officer of any issuer, registrant or investment fund manager (except as set out in paragraph (g) below);

(g) pursuant to paragraphs 8, 8.2 and 8.4 of subsection 127(1) of the Act, Deschamps is prohibited for a period of seven (7) years from the date of this Order from becoming or acting as a director or officer of any issuer, registrant or investment fund manager with the exception that Deschamps is permitted to act or continue to act as a director and officer of any company through which he carries on business, so long as he, his spouse, and/or his immediate family are the only holders of the securities of the corporation;

(h) pursuant to paragraph 8.5 of subsection 127(1) of the Act, Deschamps is prohibited for a period of seven (7) years from the date of this Order from becoming or acting as a registrant, as an investment fund manager or as a promoter;

(i) pursuant to paragraph 9 of subsection 127(1) of the Act, Deschamps shall pay to the Commission an administrative penalty of $7,233.52 for his failure to comply with Ontario securities law, to be designated for allocation or for use by the Commission pursuant to subsection 3.4(2)(b) of the Act;

(j) pursuant to paragraph 10 of subsection 127(1) of the Act, Deschamps shall disgorge to the Commission the sum of $7,766.48, obtained as a result of non-compliance with Ontario securities law, to be designated for allocation or for use by the Commission pursuant to subsection 3.4(2)(b) of the Act;

(k) After the payments set out in paragraphs (i) and (j) are made in full, as an exception to the provisions of paragraphs (c), (d) and (e), Deschamps is permitted to trade in or acquire securities in his personal registered retirement savings plan (“RRSP”) accounts and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is a beneficiary or a sponsor;

(l) Until the entire amount of the payments set out in paragraphs (i) and (j) is paid in full, the provisions of paragraphs (c), (d) and (e) shall continue in force without any limitation as to time period; and

(m) In regard to the payments ordered above, Deschamps agrees to make a payment of $625.00 by certified cheque or bank draft when the Commission approves this Settlement Agreement. Deschamps further agrees to pay at least $625.00 by cheque one month after the Commission approves this Settlement Agreement and to pay by cheque at least $625.00 every month thereafter until the entire amount of the payments set out in paragraphs (i) and (j) is paid in full. Deschamps will not be reimbursed for, or receive a contribution toward, these payments from any other person or company other than voluntary assistance from his immediate family.

DATED at Toronto this 25th day of February, 2013.

 

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