Notice from the
20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
|Commission des valeurs mobilières de l'Ontario
FOR IMMEDIATE RELEASE
January 11, 2006
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, as amended
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In the Matter of Jack Banks
a.k.a. Jacques Benquesus
TORONTO – Following a hearing on the merits held on January 8 - 9, and February 14, 2003, with respect to the allegations involving Banks, the Commission issued its Reasons for Decision on April 23, 2003. In its Reasons for Decision, the Commission found that Banks' conduct was contrary to the public interest, that Banks knowingly permitted share certificates of Laser Friendly Inc. to be delivered in circumstances where they knew or ought to have known that the certificates could and would be used to deceive third parties. In its Order dated April 23, 2003, the Commission found that it was in the public interest that:
(1) pursuant to clause 2 of subsection 127(1) of the Act, trading in any securities by Banks cease permanently from the date of the order;
(2) pursuant to clause 6 of subsection 127(1) of the Act, Banks be reprimanded;
(3) pursuant to clause 7 of subsection 127(1) of the Act, Banks resign all positions that he holds as a director or officer of any issuer; and
(4) pursuant to clause 8 of subsection 127(1) of the Act, Banks be prohibited permanently from the date of the order from becoming or acting as a director or officer of any issuer.
Banks appealed the decision of the Commission.
On November 21, 2005, the Divisional Court dismissed Banks’ appeal as to the merits but allowed the appeal with respect to sanctions. The sanctions were set aside and the matter was referred back to the Commission for a new hearing on sanctions.
Following the Court’s decision, Banks agreed to the sanctions set out in the Order dated April 23, 2003. Accordingly, on January 10, 2006, the Commission issued an Order against Banks, on consent, which imposes sanctions similar to those originally set out in an Order of the Commission dated April 23, 2003.
OFFICE OF THE SECRETARY
JOHN P. STEVENSON
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