Order: In the Matter of North American Financial Group Inc. et al.

Order
Télécharger le PDF

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

- AND -

NORTH AMERICAN FINANCIAL GROUP INC., NORTH AMERICAN CAPITAL
INC., ALEXANDER FLAVIO ARCONTI AND LUIGINO ARCONTI

ORDER
(Subsections 127(7) & 127(8))



    WHEREAS on November 10, 2010, pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), the Ontario Securities Commission (the “Commission”) made a temporary order against North American Financial Group Inc. (“NAFG”), North American Capital Inc. (“NAC”), Alexander Flavio Arconti (“Flavio”) and Luigino Arconti (“Gino”);

    AND WHEREAS the temporary order made by Commission Order on November 10, 2010 provides (the “Temporary Order”):

  1. pursuant to clause 2 of subsection 127(1) of the Act, that all trading in the securities of NAFG and NAC shall cease;
  2. pursuant to clause 2 of subsection 127(1) of the Act, that NAFG, NAC, Flavio and Gino cease trading in all securities; and
  3. pursuant to clause 3 of subsection 127(1) of the Act, that the exemptions contained in Ontario securities law do not apply to NAFG, NAC, Flavio or Gino;

    AND WHEREAS the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;

    AND WHEREAS by Commission Order dated November 23, 2010, the Temporary Order was amended such that Flavio and Gino may trade in securities for their own accounts or their parents’ accounts or for the accounts of their registered retirement savings plan or registered income fund (as defined in the Income Tax Act (Canada)) provided that they trade through accounts opened in their parents’ names or either of their names only;

    AND WHEREAS the Temporary Order as amended has been extended from time to time;

    AND WHEREAS by Order dated March 25, 2011, the Temporary Order was further amended to permit NAFG and its officers and directors to issue convertible debentures in accordance with a Proposal made under the Bankruptcy and Insolvency Act in the matter of NAFG (the “Temporary Order as further amended”);

    AND WHEREAS the Temporary Order as further amended has been extended from time to time;

    AND WHEREAS by Order dated January 16, 2012, the Temporary Order as further amended was extended to April 11, 2012 and the hearing was adjourned to April 10, 2012;

    AND WHEREAS Flavio appeared before the Commission on April 10, 2012 and advised the Commission that both he and his brother Gino consent to the making of this order;

    AND WHEREAS Staff and Flavio represented that NAFG and NAC were served with notice of this hearing;

    AND WHEREAS the Commission is of the opinion that it is in the public interest to make the following order;

    IT IS ORDERED that the Temporary Order as further amended is extended to Tuesday, July 10, 2012;

    IT IS FURTHER ORDERED that the hearing in this matter is adjourned to Thursday, July 5, 2012 at 10:00 a.m.

    DATED at Toronto this 10th day of April, 2012.

 

" Mary G. Condon "
Mary G. Condon