Securities Law & Instruments

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5,AS AMENDED

AND

IN THE MATTER OF

YBM MAGNEX INTERNATIONAL INC.

HARRY W. ANTES

JACOB G. BOGATIN

KENNETH E. DAVIES

IGOR FISHERMAN

DANIEL E. GATTI

FRANK S. GREENWALD

R. OWEN MITCHELL

DAVID R. PETERSON

MICHAEL D. SCHMIDT

LAWRENCE D. WILDER

GRIFFITHS MCBURNEY & PARTNERS

NATIONAL BANK FINANCIAL CORP.

(formerly known as First MarathonSecurities Limited)

 

ORDER

(Sections 127 and 127.1)

WHEREAS on November 1, 1999, the Commissionissued a Notice of Hearing pursuant to section 127 of the SecuritiesAct (the Act) in respect of YBM Magnex International Inc.,Harry W. Antes, Jacob G. Bogatin, Kenneth E. Davies, Igor Fisherman,Daniel E. Gatti, Frank S. Greenwald, R. Owen Mitchell, DavidR. Peterson, Michael D. Schmidt, Lawrence D. Wilder, GriffithsMcBurney & Partners and National Bank Financial Corp. (formerlyknown as First Marathon Securities Limited) (collectively theRespondents);

AND WHEREAS staff of the Commission advisedthe Respondents and the Commission that they would be seekingcosts in this matter pursuant to section 127.1 of the Act;

AND WHEREAS the Commission conducteda hearing into this matter on: May 7-11 and 16-17, 2001; June11, 18 and 20, 2001; July 9-12, 16-19, 23-26 and 30-31, 2001;August 1-2, 13-15 and 27-30, 2001; October 29-30, 2001; November2, 6-8 and 13-16, 2001; December 4, 6-7 and 13-14, 2001; January8, 10-11, 15 and 25, 2002; February 5, 8, 12 and 14-15, 2002;March 5, 7, 8, 19, 21-22, 25-26 and 28, 2002; April 1-5, 8-9,12, 16-17, 22-26 and 29-30, 2002; May 1-3, 6-7 and 28-30, 2002;June 10, 17, 19, 24 and 26, 2002; August 6-8, 12-14, 19, 21-22,27 and 29, 2002; and November 18-22 and 25, 2002;

AND WHEREAS on May 28, 2002, the Commissionconsidered and approved a settlement agreement between staffof the Commission and Lawrence D. Wilder;

AND WHEREAS the Commission is satisfiedthat YBM Magnex International Inc., Jacob G. Bogatin, Igor Fisherman,R. Owen Mitchell, Kenneth E. Davies, Harry W. Antes, NationalBank Financial Corp. and Griffiths McBurney & Partners havenot complied with Ontario securities law and have not actedin the public interest;

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

AND WHEREAS the Commission is of theopinion that orders for costs pursuant to section 127.1 of theAct are appropriate;

IT IS HEREBY ORDERED, effective July2, 2003, that:

1. in respect of YBM Magnex InternationalInc., pursuant to paragraph 2 of subsection 127(1) ofthe Act, trading in any securities of YBM Magnex InternationalInc. cease permanently;

2. in respect of Jacob G. Bogatin,pursuant to paragraph 8 of subsection 127(1) of the Act, Bogatinbe permanently prohibited from becoming or acting as a directoror officer of any issuer;

3. in respect of Igor Fisherman, pursuantto paragraph 8 of subsection 127(1) of the Act, Fishermanbe permanently prohibited from becoming or acting as a directoror officer of any issuer;

4. in respect of R. Owen Mitchell:

(a) pursuant to paragraph 7 of subsection127(1) of the Act, Mitchell resign any positions that heholds as a director or officer of a reporting issuer;

(b) pursuant to paragraph 8 of subsection127(1) of the Act, Mitchell be prohibited from becomingor acting as a director or officer of any reporting issuerfor five years from the date this order takes effect; and

(c) pursuant to subsections 1 and 2 of section127.1 of the Act, Mitchell pay investigation and hearingcosts in the amount of $250,000;

5. in respect of Kenneth E. Davies:

(a) pursuant to paragraph 7 of subsection127(1) of the Act, Davies resign any positions that he holdsas a director or officer of a reporting issuer;

(b) pursuant to paragraph 8 of subsection127(1) of the Act, Davies be prohibited from becoming oracting as a director or officer of any reporting issuerfor three years from the date this order takes effect; and

(c) pursuant to subsections 1 and 2 of section127.1 of the Act, Davies pay investigation and hearing costsin the amount of $75,000;

6. in respect of Harry W. Antes:

(a) pursuant to paragraph 7 of subsection127(1) of the Act, Antes resign any positions that he holdsas a director or officer of a reporting issuer;

(b) pursuant to paragraph 8 of subsection127(1) of the Act, Antes be prohibited from becoming oracting as a director or officer of any reporting issuerfor three years from the date this order takes effect; and

(c) pursuant to subsections 1 and 2 of section127.1 of the Act, Antes pay investigation and hearing costsin the amount of $75,000;

7. in respect of National Bank FinancialCorp., pursuant to subsections 1 and 2 of section 127.1of the Act, National Bank Financial Corp. pay investigationand hearings costs in the amount of $400,000; and

8. in respect of Griffiths McBurney &Partners:

(a) pursuant to paragraph 4 of subsection127(1) of the Act, Griffiths McBurney & Partners submitto a review of its practices and procedures as an underwriterby an independent person approved by staff of the Commissionand institute any changes recommended by that person; and

(b) pursuant to subsections 1 and 2 of section127.1 of the Act, Griffiths McBurney & Partners payinvestigation and hearing costs in the amount of $400,000.

June 27, 2003.

"Howard I. Wetston"
"Derek Brown"
"Robert W. Davis"