Order: In the Matter of Bernard Jude Ashe

        WHEREAS on February 23, 2007, the Commission issued a Notice of Hearing (the “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”) in respect of Bernard Jude Ashe (“Ashe”);

        AND WHEREAS Ashe entered into a settlement agreement dated February 23, 2007 (the Settlement Agreement”), in which the respondent Ashe agreed to a proposed settlement of the proceeding commenced by the Notice of Hearing, subject to the approval of the Commission;

        AND UPON reviewing the Settlement Agreement and upon hearing submissions from the counsel for Ashe 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:

1. the Settlement Agreement datedFebruary 23, 2007, attached to this Order as Schedule “1”, is hereby approved;
2. pursuant to clause 6 of subsection 127(1) of the Act, Ashe will be reprimanded;
3. pursuant to section 127.1 of the Act, Ashe will pay costs to the Commission in the amount of $25,000;
4. pursuant to section 3.4(2) of the Act, Ashe agrees to make a payment to the Commission of $15,000, to be made by certified cheque, to be allocated by the Commission for allocation to or for the benefit of third parties; and
5. Ashe undertakes to continue to cooperate with Staff in relation to this proceeding, including attending as a witness if necessary.

DATED at Toronto this 26^th day of February, 2007.

"Wendell S. Wigle" Wendell S. Wigle

"David L. Knight" David L. Knight