59. By engaging in the conduct above, Bordynuik ad

59. By engaging in the conduct above, Bordynuik admits and acknowledges that he contravened Ontario securities law in the following ways:

a) During the Distribution Period, Bordynuik effected distributions of securities of JBI John Bordynuik Inc. when a preliminary prospectus and a prospectus in respect of such securities had not been filed and receipts had not been issued for them by the Director, contrary to subsection 53(1) of the Act;

b) During the Distribution Period, Bordynuik signed and certified SEC filings containing JBI financial statements with respect to the quarter ended on September 30, 2009 and the 2009 year-end that were not compliant with GAAP, contrary to s. 126.2 of the Act, and acknowledges that the effect of so doing may have been to mislead Ontario investors;

c) Bordynuik inappropriately utilized a trust account and trust arrangement to distribute shares of JBI in violation of the trust, contrary to the public interest and s. 127 of the Act.

http://www.osc.gov.on.ca/documents/en/Proceed...nuikjw.pdf