IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED
IN THE MATTER OF
IAN MACDONALD, J. ROBERT LEE, ROBERT STURGESS,
DON WEST, JOHN KYLE, GARY KIRSH, DAN DEAR, BILL E. DUKE,
TRI-LEE CAPITAL LTD., TRICAPITAL MANAGEMENT LIMITED,
PETALS DÉCOR LTD., DOUG CAKEBREAD, ULDIS STEINBACHS, JACK LEE,
ALAN LIPSZYC, FRANK PRINCIPE, DOUG MATTON, BILL DYE, ROGER LUK,
DAVID LUCAS, JOE NANNA AND J&K SALES
STATEMENT OF ALLEGATIONS OF STAFF
OF THE ONTARIO SECURITIES COMMISSION
Staff of the Ontario Securities Commission ("Staff") make the following allegations:
- The Versatech Group Inc. (“Versatech”) is incorporated under the laws of Canada. Versatech is a reporting issuer in Ontario.
- Each of Ian McDonald, J. Robert Lee, Robert Sturgess, Don West, John Kyle, Gary Kirsh, Dan Dear, Bill E. Duke, Tri-Lee Capital Ltd., Tricapital Management Limited, Petals Décor Ltd., Doug Cakebread, Uldis Steinbachs, Jack Lee, Alan Lipszyc, Frank Principe, Doug Matton, Bill Dye, Roger Luk, David Lucas, Joe Nanna and J&K Sales (individually, a “Respondent” and collectively, the “Respondents”) is, or was during the financial year of Versatech ended December 31, 1999 a director, officer, significant shareholder (beneficial ownership of 10% or more of the voting rights of Versatech) or individual that has, or may have, access to material undisclosed information.
- Versatech failed to file annual financial statements for its financial year ended December 31, 1999 (the “Financial Statements”) on or before May 19, 2000, contrary to subsection 78(1) of the Securities Act (Ontario).
- By virtue of his/her/its relationship, each Respondent has, or may have, access to information regarding the affairs of Versatech that has not been generally disclosed.
- It would be prejudicial to the public interest to allow the Respondents to trade in the securities of Versatech until such time as all disclosure required by Ontario securities law has been made by Versatech.
- It is therefore in the public interest for the Commission to order that all trading, whether direct or indirect, in the securities of Versatech by the Respondents cease until such time as Versatech has made all filings it is required to make under Ontario securities law.