IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF WELCOME PLACE INC., DANIEL MAXSOOD also known as MUHAMMAD M. KHAN, TAO ZHANG, and TALAT ASHRAF
(Sections 127(1), 127(7) and 127(8))
WHEREAS on July 2, 2013, the Ontario Securities Commission (the “Commission”) issued a temporary order (the “Temporary Order”), pursuant to subsections 127(1) and (5) of the Securities Act, R.S.O. 1990, c. S.5., as amended (the "Act"), ordering the following:
- that all trading in any securities by Welcome Place Inc. (“Welcome Place”), Daniel Maxsood also known as Muhammad M. Khan (“Maxsood”), Tao Zhang (“Zhang”), and Talat Ashraf (“Ashraf”) shall cease; and
- that the exemptions contained in Ontario securities law do not apply to any of Welcome Place, Maxsood, Zhang, and Ashraf.
AND WHEREAS on July 2, 2013 the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by the Commission;
AND WHEREAS on July 2, 2013 the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on July 12, 2013 at 11:30 a.m. (the “Notice of Hearing”);
AND WHEREAS Staff of the Commission (“Staff”) have served Welcome Place, Maxsood, Zhang, and Ashraf with copies of the Temporary Order, the Notice of Hearing, the Hearing Brief, Staff’s Written Submissions and Brief of Authorities as evidenced by the sixteen Affidavits of Service contained in the Affidavits of Service Brief filed by Staff in advance of the July 12, 2013 hearing;
AND WHEREAS the Commission held a Hearing on July 12, 2013, at which counsel for Welcome Place and Maxsood attended and no one attended on behalf of Zhang or Ashraf, although properly served;
AND WHEREAS the Commission reviewed the Affidavit of Joanne Ramirez sworn July 8, 2013;
AND WHEREAS the Commission heard submissions from counsel for Staff and counsel for Welcome Place and Maxsood;
AND WHEREAS Welcome Place and Maxsood consented to the extension of the Temporary Order to January 31, 2014;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;
IT IS HEREBY ORDERED pursuant to subsections 127(7) and 127(8) of the Act that the Temporary Order is extended to January 31, 2014, and specifically:
- that all trading in any securities by Welcome Place, Maxsood, Zhang, and Ashraf shall cease;
- that the exemptions contained in Ontario securities law do not apply to any of Welcome Place, Maxsood, Zhang, and Ashraf; and
- that this Order shall not affect the right of any Respondent to apply to the Commission to clarify, amend, or revoke this Order upon seven days written notice to Staff of the Commission;
IT IS FURTHER ORDERED that the Hearing is adjourned to Monday, January 27, 2014 at 10:00 a.m.
Dated at Toronto this 12th day of July, 2013.
Edward P. Kerwin