URGENT!!!!
I am mostly from the PMCL board, but I have to ask this Question. Is any one here worried about the OSC Hearing on June 1.
http://www.osc.gov.on.ca/Enforcement/Proceedings/RAD/rad_20070518_select-american.jsp
IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c.S.5, AS AMENDED
– AND –
IN THE MATTER OF
JASON WONG, DAVID WATSON, NATHAN ROGERS,
AMY GILES, JOHN SPARROW, KERVIN FINDLAY, LEASESMART, INC.,
ADVANCED GROWING SYSTEMS, INC., PHARM CONTROL LTD.,
THE BIGHUB.COM, INC., UNIVERSAL SEISMIC ASSOCIATES INC.,
POCKETOP CORPORATION, ASIA TELECOM LTD., INTERNATIONAL ENERGY LTD.,
CAMBRIDGE RESOURCES CORPORATION, NUTRIONE CORPORATION AND
SELECT AMERICAN TRANSFER CO.
TEMPORARY ORDER
(Sections 127(1) and (5))
WHEREAS it appears to the Ontario Securities Commission that:
Select American Transfer Co. ("Select American") is a Delaware corporation that operates out of Toronto as a transfer agent;
Jason Wong, David Watson, Nathan Rogers and Amy Giles are the principals, or former principals, of Select American;
With the assistance of Select American, its principals, former principals and others, including John Sparrow and Kervin Findlay, the following companies have assumed the corporate identities of dormant or inactive companies, the securities of which were previously quoted for trading on the Pink Sheets LLC in the over-the-counter securities market in the United States:
The Bighub.Com, Inc. ("Bighub.Com");
Advanced Growing Systems, Inc. ("Advanced Growing Systems");
LeaseSmart, Inc. ("LeaseSmart");
Cambridge Resources Corporation ("Cambridge Resources");
NutriOne Corporation ("NutriOne");
International Energy Ltd. ("International Energy");
Universal Seismic Associates Inc. ("Universal Seismic");
Pocketop Corporation ("Pocketop");
Asia Telecom Ltd. ("Asia Telecom"); and
Pharm Control Ltd. ("Pharm Control");
Select American, acting as the transfer agent to these companies, may have issued false share certificates for trading in securities of these issuers in the over-the-counter securities market via the Pink Sheets;
Staff of the Commission ("Staff") are conducting an investigation into the conduct described herein and it appears that Select American, its principals, its former principals and others, including John Sparrow and Kervin Findlay, may have breached sections 25 and 53 of Ontario Securities law and further, may have engaged in acts, practices or courses of conduct relating to the securities of the above listed companies that they knew or reasonably ought to have known:
resulted in or contributed to a misleading appearance of trading activity in, or an artificial price for, the securities contrary to subsection 126.1(a) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act"); and/or
perpetrated a fraud on any person or company contrary to subsection 126.1(b) of the Act.
In addition, with respect to Yevgen D. Konaryev ("Kron"), it appears that Pharm Control issued press releases at the direction of Kron that contained misleading or untrue material statements with respect to the financial state of the company;
The Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest; and
The Commission is of the opinion that it is in the public interest to make this order.
AND WHEREAS by Commission Order made April 4, 2007, pursuant to section 3.5(3) of the Act, any one of W. David Wilson, James E. A. Turner, Lawrence E. Ritchie, Robert L. Shirriff, Harold P. Hands, Paul K. Bates and David L. Knight, acting alone, is authorized to make Orders under section 127 of the Act;
IT IS ORDERED, pursuant to subsections 127(1) and 127(5) of the Act, that trading in the securities of the following companies shall cease and that any exemptions contained in Ontario securities law do not apply to them: The Bighub.Com; Advanced Growing Systems; LeaseSmart; Cambridge Resources; NutriOne; International Energy; Universal Seismic; Pocketop; Asia Telecom; and Pharm Control;
IT IS FURTHER ORDERED, pursuant to subsections 127(1) and 127(5) of the Act, that all trading in any securities by Jason Wong, David Watson, Nathan Rogers, Amy Giles, John Sparrow and Kervin Findlay shall cease;
IT IS FURTHER ORDERED, that pursuant to section 127(6) of the Act this order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission.
DATED at Toronto this 18th day of May, 2007.
" David Wilson "
David Wilson
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