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
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