Reasons and Decision for the Hearing on the Merits Held in Writing: In the Matter of Abel Da Silva

IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED

- AND -

IN THE MATTER OF
ABEL DA SILVA

HEARING HELD PURSUANT TO SECTIONS 127 AND 127.1 OF THE ACT
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REASONS AND DECISION FOR THE HEARING ON THE MERITS
HELD IN WRITING
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Chair:

[1] I am satisfied that Abel Da Silva has been effectively served throughout this proceeding.

[2] I granted Staff’s motion to proceed in writing on November 29, 2010 at which time I gave Mr. Da Silva until December 8, 2010 to file any written materials for use on the written hearing on the merits.

[3] No written materials have been filed by Mr. Da Silva.

[4] On the basis of Mr. Wayne Vanderlaan’s affidavit sworn November 10, 2010 and the attached Exhibits A through S, I make the following findings:

1. On January 9, 2006, Da Silva made statements to the Commission with respect to his employment history and his financial situation, that, in a material respect and at the time and in light of the circumstances under which they were made, were misleading or untrue or did not state a fact that was required to be stated or that was necessary to make the statements not misleading, contrary to section 122(1)(a) of the Act and contrary to the public interest; and
2. Between and including April 23, 2007 and August 21, 2007, Da Silva breached the Sanctions Decision and the May 10, 2006 Cease Trade Order of the Commission by trading securities of Colby Cooper Inc., contrary to section 122(1)(c) of the Act and contrary to the public interest.

[5] Sanctions hearing on this matter shall take place on a date fixed by the Secretary of the Commission.

DATED at Toronto this 22^nd day of June, 2011.