Order: In the Matter of Paul Yoannou

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

-AND -

IN THE MATTER OF PAUL YOANNOU


ORDER
(Subsections 127(1) and 127(10))

 

 

 

 

 

WHEREAS on July 3, 2014, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing in this matter pursuant to subsections 127(1) and 127(10) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) in respect of Paul Yoannou (“Yoannou” or the “Respondent”);

AND WHEREAS Staff of the Commission (“Staff”) filed a Statement of Allegations in this matter on the same date;

AND WHEREAS on February 1, 2013, Yoannou pleaded guilty in the Ontario Court of Justice to 15 counts of fraud over $5,000;

AND WHEREAS on February 28, 2013, Yoannou was sentenced by the Ontario Court of Justice to a term of imprisonment of six years and was ordered to pay restitution of $6.6 million;

AND WHEREAS on August 18, 2014, the Commission granted Staff’s application to convert this matter to a written hearing in accordance with Rule 11.5 of the Commission’s Rules of Procedure (2012), 35 OSCB 10071 and section 5.1(2) of the Statutory Powers Procedure Act, R.S.O. 1990, c. S.22, as amended;

AND WHEREAS Staff filed written submissions, a hearing brief and a brief of authorities;

AND WHEREAS the Respondent did not appear and did not file any materials;

AND WHEREAS I issued written reasons for issuing this Order on the date hereof;

AND WHEREAS I find that it is in the public interest to issue this Order pursuant to subsection 127(1) of the Act in reliance upon subsection 127(10) of the Act;

 

IT IS HEREBY ORDERED THAT:

 

  1. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities by Yoannou cease permanently;
  2. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Yoannou be prohibited permanently;
  3. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Yoannou permanently;
  4. pursuant to paragraphs 7, 8.1 and 8.3 of subsection 127(1) of the Act, Yoannou resign any positions that he holds as a director or officer of any issuer, registrant or investment fund manager;
  5. pursuant to paragraphs 8, 8.2 and 8.4 of subsection 127(1) of the Act, Yoannou be prohibited permanently from becoming or acting as a director or officer of any issuer, registrant or investment fund manager; and
  6. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Yoannou be prohibited permanently from becoming or acting as a registrant, as an investment fund manager or as a promoter.

DATED at Toronto this 27th day of November, 2014.

 

 

"James E. A. Turner "
James E. A. Turner