Plastic2Oil Inc (PTOI)

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IT IS HEREBY ORDERED THAT:


b) pursuant to paragraph 7 of subsection 127(1) of the Act, Bordynuik shall forthwith resign any positions that he holds as an officer and/or director of any reporting issuer, as defined in the Act;

c) pursuant to paragraph 8 of subsection 127(1) of the Act, Bordynuik is prohibited from becoming or acting as an officer and/or director of any reporting issuer, as defined in the Act, for 5 years, effective from the date of the order of the Commission approving the Settlement Agreement;

d) prior to becoming or acting as an officer and/or director of any reporting issuer, as defined in the Act, Bordynuik will successfully complete the Partners, Directors and Senior Officers Course administered by the Canadian Securities Institute and report his completion thereof to the Commission;

e) pursuant to paragraph 9 of subsection 127(1) of the Act, Bordynuik shall pay an administrative penalty in the amount of $125,000 to be designated for allocation or for use by the Commission pursuant to subsection 3.4 (2)(b) of the Act;

f) Bordynuik shall contribute $45,000 towards Staff’s investigation costs in this matter;

g) pursuant to paragraph 6 of subsection 127(1) of the Act Bordynuik is reprimanded by the Commission;


DATED at Toronto this 4th day of April, 2014.

" Alan J. Lenczner "
Alan J. Lenczner, Q.C.

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....
7. Monies were raised from the public, including from Ontario investors, during the time that JBI’s financial statements contained the erroneously high valuation for the media credits. According to GAAP the media credits should have been written off in their entirety as of September 30, 2009.

8. While Bordynuik was raising funds on behalf of JBI, he established a trust for the benefit of his two minor children (the “Childrens’ Trust”), which was governed by a formal trust agreement.

9. Bordynuik caused shares of JBI or John Bordynuik Inc. to be irrevocably settled on his mother as trustee of the Childrens’ Trust. The Childrens’ Trust held those shares in a securities account at RBC Dominion Securities.

10. Having irrevocably settled JBI shares in trust Bordynuik then directed his mother as trustee to transfer the shares out of the trust account at RBC Dominion Securities to a number of transferees whom he designated, contrary to the terms of the Childrens’ Trust.

11. Bordynuik used the Childrens’ Trust in part as a reservoir of JBI shares which could be distributed to others, including Bespoke Growth Partners, in aid of acquiring a listing on the AMEX or NASDAQ exchanges. Bordynuik’s misuse of the Childrens’ Trust for this purpose was conduct contrary to the public interest.

IN THE MATTER OF JBI, INC., and JOHN W. BORDYNUIK _ OSC Allegations - April 1 2014



www.osc.gov.on.ca/en/home.htm

http://www.osc.gov.on.ca/en/Proceedings_enr_20140403_bordynuikjw.htm