IN THE MATTER OF THE SECURITIES ACT,
RSO 1990, c S.5, AS AMENDED
- AND -
IN THE MATTER OF
EDWARD FURTAK, AXTON 2010 FINANCE CORP.,
STRICT TRADING LIMITED, RONALD OLSTHOORN,
TRAFALGAR ASSOCIATES LIMITED, LORNE ALLEN and
STRICTRADE MARKETING INC.
- On March 30, 2015 the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, RSO 1990, c S.5, as amended (the “Act”) in connection with a Statement of Allegations filed by Staff of the Commission (“Staff”) on March 30, 2015 with respect to Edward Furtak, Axton 2010 Finance Corp., Strict Trading Limited, Ronald Oslthoorn, Trafalgar Associates Limited, Lorne Allen and Strictrade Marketing Inc. (collectively, the “Respondents”);
- The Commission held the hearing on the merits, and after which issued its Reasons and Decision on the merits on November 24, 2016 (the “Merits Decision”), wherein the Panel concluded there had been contraventions of the Act by the Respondents;
- On December 7, 2016, the Commission ordered that the hearing to determine sanctions and costs (the “Sanctions Hearing”) would be held on January 30, 2017
- The Sanctions Hearing commenced on January 30, 2017 at 10:00 a.m., at which Staff and counsel for the Respondents attended, tendered evidence and made submissions;
- Staff requests a temporary cease trade order in respect of the Strictrade Offering (the “Temporary Order”), pending the completion of the Sanctions Hearing;
- Staff and counsel for the Respondents made oral submissions with respect to the Temporary Order and the Panel requested written submissions;
- Staff will send a letter notifying the three investors who have remained invested in the Strictrade Offering that: (i) Staff has sought the Temporary Order; (ii) the parties will be making written submissions with respect to the Temporary Order; and (iii) the Sanctions Hearing will continue on March 2 and 3, 2017; and
- The Commission is of the opinion that it is in the public interest to make this Order;
IT IS HEREBY ORDERED that:
- Staff will serve and file written submissions with respect to the Temporary Order by February 13, 2017;
- The Respondents will serve and file written submissions with respect to the Temporary Order by February 15, 2017;
- In the interim and pending further argument, pursuant to clause 2 of subsection 127(1) of the Act, trading with respect to the Strictrade Offering shall cease, except for the payment of Trading Report Payments (as described in the Merits Decision) by the Respondents to investors, until further order of the Commission;
- The Sanctions Hearing will continue at the offices of the Commission at 20 Queen Street West, Toronto, Ontario, on Thursday, March 2, 2017, commencing at 1:00 p.m., and continue on Friday, March 3, 2017, commencing at 10:45 a.m.
DATED at Toronto this 30th day of January, 2017.
" Janet Leiper "
" D. Grant Vingoe "
D. Grant Vingoe
" AnneMarie Ryan "