Order: In the Matter of Elizabeth Gail Andrus

 

Headnote

 

Variation of Suspension Order to allow certain trades from the person's RRSP account totheir spouse in compliance with a court ordered equalization payment.

Statutes Cited

Securities Act, R.S.O. 1990, c.S.5, as am., ss.144(1)

 

WHEREAS David G. C. Andrus ("David Andrus") is permanently suspended fromtrading securities in Ontario by Order of the Ontario Securities Commission("Commission") dated July 23, 1998 (the "Andrus Order");

AND UPON the application ("Application") of Elizabeth Gail Andrus (the"Applicant") to the Commission for an order pursuant to subsection 144(1) of the Act tovary the Andrus Order so that the Andrus Order will not apply to certain transfers made byDavid Andrus in respect of his Registered Retirement Savings Plan accounts ("Accounts");

AND UPON consideration of the Application and the recommendation of the staffof the Commission;

AND UPON the Applicant having represented to the Commission as follows:

1. Pursuant to the Andrus Order, David Andrus is permanently suspended from tradingin securities in Ontario.

2. David Andrus and the Applicant were married for 36 years. David Andrus and theApplicant separated on September 10, 1998. The Applicant brought an Applicationin February, 1999 seeking support from David Andrus.

3. By Order of the Honourable Mr. Justice Lissaman of the Ontario Court (GeneralDivision) dated March 10, 1999 (the "Support Order"), David Andrus is to make anadvance payment on account of any equalization payment obligation by transferringto the Applicant RRSPs worth $50,000 to be effected through a spousal rollover.

4. On March 19, 1999, David Andrus executed a form T2220 directing that the spousalrollover of $50,000 be transferred to the Applicant.

5. RBC Dominion Securities refuses to consent to the rollover absent the approval ofthe Commission due to the Andrus Order.

6. The Andrus Order prevents David Andrus and RBC Dominion Securities fromcomplying with the Support Order and allowing David Andrus to provide for thesupport of the Applicant.

7. The Applicant seeks a variation of the Andrus Order that would permit David Andrusto transfer monies or securities from his Accounts in order to comply with theSupport Order.

UPON the Commission being satisfied that to do so would not be prejudicial to thepublic interest;

IT IS ORDERED pursuant to subsection 144(1) of the Act that transfers of securitiesfrom the Accounts of David Andrus to the Applicant or the sale of securities within theAccounts, with such proceeds being transferred solely to the Applicant, are not subject tothe terms of the Andrus Order, on the condition that such payments are made incompliance with the terms of:

(a) the Support Order, or

(b) such other orders as may be made by a court of competent jurisdiction withrespect to support or equalization payments for the sole benefit of theApplicant provided, however, that counsel for the plaintiffs in the action LeslieNelles Silverthorne, et al vs. David G.C. Andrus, et al., Court File No. 98-CV-150889, provides prior written consent to such payments.

April 30^th, 1999.

"J. A. Geller"      "Derek Brown"