Regulator orders John W Bordynuik to pay a penalty
Post# of 43064
Posted On: 04/20/2014 11:44:31 AM
Regulator orders John W Bordynuik to pay a penalty for improper distribution of securities
http://www.investmentexecutive.com/-/osc-fine...Dview%26p..
By James Langton | April 04, 2014 17:25
The Ontario Securities Commission (OSC) has ordered a man to pay a $125,000 penalty and banned him from serving as a director or officer of an issuer for five years in connection with an improper distribution of securities.
The OSC announced that it approved a settlement agreement with John Bordynuik concerning allegations that he carried out distributions of securities of his company, JBI John Bordynuik Inc., without filing a prospectus and without a proper exemption. It also alleged that he certified company financials that overstated the value of certain assets, and that he improperly utilized a trust account to distribute shares of JBI.
The settlement notes that Bordynuik says he relied on the expertise of financial advisors, including JBI's auditors, in certifying the financials. It also notes that he cooperated with the commission in this case, and that he "has already incurred significant penalties related to the issue of the misleading financial statements" in the U.S.
In 2013, a Massachusetts federal court entered final judgments by consent against Bordynuik and his company, ordering JBI to pay $150,000 and Bordynuik to pay $110,000 in civil monetary penalties. He was also barred from acting as an officer or director of a public company in the U.S. for five years. JBI and Bordynuik consented to final judgments, without admitting or denying the allegations against them.
Under the deal with the OSC, he is prohibited from acting as an officer or director of any reporting issuer for five years; and must pass the Partners, Directors and Senior Officers Course, before becoming a corporate officer again. He also agreed to pay an administrative penalty of $125,000 and $45,000 in costs.
http://www.investmentexecutive.com/-/osc-fine...Dview%26p..
By James Langton | April 04, 2014 17:25
The Ontario Securities Commission (OSC) has ordered a man to pay a $125,000 penalty and banned him from serving as a director or officer of an issuer for five years in connection with an improper distribution of securities.
The OSC announced that it approved a settlement agreement with John Bordynuik concerning allegations that he carried out distributions of securities of his company, JBI John Bordynuik Inc., without filing a prospectus and without a proper exemption. It also alleged that he certified company financials that overstated the value of certain assets, and that he improperly utilized a trust account to distribute shares of JBI.
The settlement notes that Bordynuik says he relied on the expertise of financial advisors, including JBI's auditors, in certifying the financials. It also notes that he cooperated with the commission in this case, and that he "has already incurred significant penalties related to the issue of the misleading financial statements" in the U.S.
In 2013, a Massachusetts federal court entered final judgments by consent against Bordynuik and his company, ordering JBI to pay $150,000 and Bordynuik to pay $110,000 in civil monetary penalties. He was also barred from acting as an officer or director of a public company in the U.S. for five years. JBI and Bordynuik consented to final judgments, without admitting or denying the allegations against them.
Under the deal with the OSC, he is prohibited from acting as an officer or director of any reporting issuer for five years; and must pass the Partners, Directors and Senior Officers Course, before becoming a corporate officer again. He also agreed to pay an administrative penalty of $125,000 and $45,000 in costs.
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