Order: In the Matter of Marchment & Mackay Limited et al.
R.S.O. 1990, CHAPTER S. 5, AS AMENDED
AND
IN THE MATTER OF
MARCHMENT & MACKAY LIMITED,
AMIT JAMES SOFER, CHARLES LORNE ORNSTEIN,
JERRY MURRAY SALTSMAN,
GREGORY CHARLES OSBORNE AND
FRASER JOHN EDWARD PLANT
ORDER
(Section 127 of the Securities Act, R.S.O. 1990, c.S.5 as amended)
WHEREAS on July 16, 1999, the Ontario Securities Commission (the "Commission") madecertain findings with respect to the conduct of Marchment & Mackay Limited ("Marchment"),Amit James Sofer ("Sofer"), Charles Lorne Ornstein ("Ornstein"), Jerry Murray Saltsman("Saltsman"), Gregory Charles Osborne ("Osborne") and Fraser John Edward Plant("Plant") (collectively referred to as "the Respondents") set out in the amended Statementof Allegations dated August 2, 1996 (the "Decision");
AND WHEREAS on July 27, 1999, the Commission issued its Reasons for the Decision;
AND WHEREAS on August 3, 1999, the Commission heard the submissions of counselfor the Respondents and the submissions of counsel for staff of the Commission withrespect to any orders to be issued;
AND AS the Commission is of the opinion that it is in the public interest to make this order;
IT IS HEREBY ORDERED pursuant to subsection 127 of the Securities Act, R.S.O. 1990,c.S.5 (the "Act") that effective immediately:
1. the registration of Marchment as a securities dealer is terminated and theexemptions contained in Ontario securities law do not apply to Marchmentpermanently;
2. the registration of Ornstein is terminated and the exemptions contained in Ontariosecurities law do not apply to Ornstein permanently; provided, however, thatfollowing the expiration of a two year period commencing from the date of this order,Ornstein may trade in certain securities for his own account or for the account of hisregistered retirement savings plan or registered retirement income fund (as definedin the Income Tax Act (Canada)) if:
(a) the securities are securities referred to in clause 1 of subsection 35(2) of theAct; or
(b) in the case of securities other than those referred to in (a),
(i) the securities are listed and posted for trading on The Toronto StockExchange or the New York Stock Exchange (or their respectivesuccessor exchanges);
(ii)neither he nor any member of his family is an insider, partner orpromoter of the issuer of the securities; and
(iii) he does not own directly, or indirectly through another person orcompany or through any person or company acting on his behalf,more than one percent of the outstanding securities of the class orseries of the class in question;
3. the registration of Sofer is suspended for a period of ten years and the exemptionscontained in Ontario securities law do not apply to Sofer for a period of ten years;provided, however, that following the expiration of a one year period commencingfrom the date of this order, Sofer may trade in certain securities for his own accountor for the account of his registered retirement savings plan or registered retirementincome fund (as defined in the Income Tax Act (Canada)) if:
(a) the securities are securities referred to in clause 1 of subsection 35(2) of theAct; or
(b) in the case of securities other than those referred to in (a),
(i) the securities are listed and posted for trading on The Toronto StockExchange or the New York Stock Exchange (or their respectivesuccessor exchanges);
(ii) neither he nor any member of his family is an insider, partner orpromoter of the issuer of the securities; and
(iii) he does not own directly, or indirectly through another person orcompany or through any person or company acting on his behalf,more than one percent of the outstanding securities of the class orseries of the class in question;
4. the registration of Saltsman is terminated and the exemptions contained in Ontariosecurities law do not apply to Saltsman permanently; provided, however, thatSaltsman may trade in certain securities for his own account or for the account ofhis registered retirement savings plan or registered retirement income fund (asdefined in the Income Tax Act (Canada)) if:
(a) the securities are securities referred to in clause 1 of subsection 35(2) of theAct; or
(b) in the case of securities other than those referred to in (a),
(i) the securities are listed and posted for trading on The Toronto StockExchange or the New York Stock Exchange (or their respectivesuccessor exchanges);
(ii) neither he nor any member of his family is an insider, partner orpromoter of the issuer of the securities; and
(iii) he does not own directly, or indirectly through another person orcompany or through any person or company acting on his behalf,more than one percent of the outstanding securities of the class orseries of the class in question;
5. the registration of Osborne is suspended for a period of seven years and theexemptions contained in Ontario securities law do not apply to Osborne for a periodof seven years; provided, however, that Osborne may trade in certain securities forhis own account or for the account of his registered retirement savings plan orregistered retirement income fund (as defined in the Income Tax Act (Canada)) if:
(a) the securities are securities referred to in clause 1 of subsection 35(2) of theAct; or
(b) in the case of securities other than those referred to in (a),
(i) the securities are listed and posted for trading on The Toronto StockExchange or the New York Stock Exchange (or their respectivesuccessor exchanges);
(ii) neither he nor any member of his family is an insider, partner orpromoter of the issuer of the securities; and
(iii) he does not own directly, or indirectly through another person orcompany or through any person or company acting on his behalf,more than one percent of the outstanding securities of the class orseries of the class in question;
6. the registration of Plant is suspended for a period of five years and the exemptionscontained in Ontario securities law do not apply to Plant for a period of five years;provided, however, that Plant may trade in certain securities for his own account orfor the account of his registered retirement savings plan or registered retirementincome fund (as defined in the Income Tax Act (Canada)) if:
(a) the securities are securities referred to in clause 1 of subsection 35(2) of theAct; or
(b) in the case of securities other than those referred to in (a),
(i) the securities are listed and posted for trading on The Toronto StockExchange or the New York Stock Exchange (or their respectivesuccessor exchanges);
(ii) neither he nor any member of his family is an insider, partner orpromoter of the issuer of the securities; and
(iii) he does not own directly, or indirectly through another person orcompany or through any person or company acting on his behalf,more than one percent of the outstanding securities of the class orseries of the class in question;
7. in this order, "Ontario securities law" has the meaning ascribed to that term in theAct.
This order is part of and supplemental to the Decision and the Reasons for theDecision dated July 27, 1999.
Dated at TORONTO this 3rd day of August, 1999.
"David Brown""H. M. Meyer"
"Derek Brown"