OSC 4.4.14 http://www.osc.gov.on.ca/en/Proceedi

OSC >> 4.4.14

http://www.osc.gov.on.ca/en/Proceedings_rad_2...nuikjw.htm

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

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IN THE MATTER OF
JBI, INC., and JOHN W. BORDYNUIK

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IN THE MATTER OF
A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION AND JOHN W. BORDYNUIK

ORDER
(Sections 127(1) and 127.1)

WHEREAS on April 3, 2014, the Ontario Securities Commission (“the Commission”) issued a Notice of Hearing (the “Notice of Hearing”), pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), to consider whether it is in the public interest to make orders as specified therein against and respect of John W. Bordynuik (“Bordynuik”);

AND WHEREAS Bordynuik entered into a Settlement Agreement with Staff of the Commission dated January 28, 2014, (the “Settlement Agreement”) in which Bordynuik agreed to a proposed settlement of the proceeding commenced by the Notice of Hearing dated April 3, 2014 subject to the approval of the Commission;

AND WHEREAS on April 3, 2014, the Commission issue a Notice of Hearing pursuant to sections 127 and 127.1 of the Act to announce that it proposed to hold a hearing to consider whether it is in the public interest to approve a settlement agreement entered into between Staff and Bordynuik;

AND UPON reviewing the Settlement Agreement, and the Notice of Hearing and the Statement of Allegations of Staff and upon hearing submission from counsel for Bordynuik and from Staff;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order pursuant to sections 127 and 127.1 of the Act;

IT IS HEREBY ORDERED THAT:

a) The Settlement Agreement is approved;

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; and

h) the allegations against JBI, Inc. are withdrawn.

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