Temporary Order: In the Matter of Richvale Resource Corp. et al.

 

 

 

 

 

 

 

 

WHEREAS it appears to the Ontario Securities Commission that:

 

 

1. Richvale Resource Corp. (“Richvale”) is an Ontario corporation with a registered office in Thornhill, Ontario;
2. Richvale is not a reporting issuer:
3. Marvin Winick (“Winick”) and Howard Blumenfeld (“Blumenfeld”) are the registered officers and directors of Richvale;
4. Pasquale Schiavone (“Schiavone”) is a directing mind of Richvale;
5. Shafi Khan (“Khan”) are acting as a representative of Richvale;
6. Richvale, Winick, Blumenfeld, Schiavone and Khan are not registered in any capacity with the Commission;
7. Richvale has not filed a preliminary prospectus or a prospectus and the Director has not issued a receipt in respect of this company;
8. Richvale shares have been offered for sale, and sold to the public in Ontario and elsewhere in Canada by representatives of Richvale;
9. Staff are conducting an investigation into the trading of Richvale securities, and it appears that Richvale and their representatives, including Winick, Blumenfeld, Schiavone and Khan may have engaged in the following conduct:
   1. trading in securities of Richvale without proper registration or inappropriate exemption from the registration requirements under the Act contrary to section 25 of the Act;
   2. making representations, with the intention of effecting a trade in the shares of Richvale, that such shares will be listed on any stock exchange, contrary to section 38 of the Act;
   3. trading in shares of Richvale that would be a distribution of securities for which no preliminary prospectus or prospectus has been filed and no receipt has been issued by the Director contrary to section 53 of the Act; and
   4. engaging or participating in acts or a course of conduct relating to the shares of Richvale that they knew or ought to have known perpetrates a fraud on any person or company contrary to section 126.1 of the Act.

AND WHEREAS the Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest as set out in s. 127(5) of the Act;

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

AND WHEREAS by Commission order made August 31, 2009 pursuant to section 3.5(3) of the Act, any one of W. David Wilson, James E. A. Turner, David L. Knight, Carol S. Perry, Patrick J. LeSage, James D. Carnwath and Mary G. Condon, acting alone, is authorized to make orders under section 127 of the Act;

IT IS ORDERED pursuant to clause 2 of subsection 127(1) of the Act that all trading in the securities of Richvale shall cease;

IT IS FURTHER ORDERED pursuant to clause 2 of subsection 127(1) of the Act that Richvale and its representatives, including Winick, Blumenfeld, Schiavone and Khan cease trading in all securities; and

IT IS FURTHER ORDERED pursuant to subsection 127(6) of the Act that this order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission.

Dated at Toronto this 19^th day of March, 2010