Proceedings




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

- AND -

IN THE MATTER OF
BUCKINGHAM SECURITIES CORPORATION,
LLOYD BRUCE,
DAVID BROMBERG,
HAROLD SEIDEL,
RAMPART SECURITIES INC.,
W.D. LATIMER CO. LIMITED,
CANACCORD CAPITAL CORPORATION,
BMO NESBITT BURNS INC.,
BEAR, STEARNS & CO. INC.,
DUNDEE SECURITIES CORPORATION
CALDWELL SECURITIES LIMITED, AND
B2B TRUST

ORDER
(Sections 127)



WHEREAS on the 6th day of July, 2001, the Ontario Securities Commission (the "Commission") ordered, pursuant to clause 2 of subsection 127(1) of the Securities Act, R.S.O. 1990, C.s.5, as amended (the "Act"), that trading in any securities by Buckingham Securities Corporation ("Buckingham"), Lloyd Bruce ("Bruce"), David Bromberg ("Bromberg") and Harold Seidel ("Seidel") cease;

AND WHEREAS the Commission further ordered, pursuant to clause 1 of subsection 127(1) of the Act, that the registration of Buckingham be suspended;

AND WHEREAS the Commission further ordered that pursuant to clause 2 of subsection 127(1) of the Act that trading in securities by Rampart Securities Inc., W.D.Latimer Co. Limited, Canaccord Capital Corporation, BMO Nesbitt Burns Inc., Bear Stearns & Co. Inc., Dundee Securities Corporation, Caldwell Securities Limited and B2B Trust (collectively, referred to as the "Brokers") cease, on the term that trading cease by the Brokers only in respect of securities held in an account or accounts in the name of Buckingham with each of the Brokers (collectively referred to in this paragraph and the aforementioned paragraphs as the "Temporary Order");

AND WHEREAS the Commission further ordered that pursuant to clause 6 of subsection 127(1) of the Act that the Temporary Order referred to above shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Commission;

AND WHEREAS on July 6, 2001, Staff of the Commission issued a Notice of Hearing (the "Notice of Hearing") pursuant to sections 127 and 127.1 of the Act in respect of Buckingham Securities Corporation, Lloyd Bruce, David Bromberg and Harold Seidel, and the Brokers (collectively, referred to as the "Respondents"), scheduled for a hearing before the Commission on Friday, July 20, 2001;

AND WHEREAS the Commission has been advised that the Respondents were duly served with the Temporary Order and the Notice of Hearing;

AND WHEREAS the Commission has been advised that Staff of the Commission is continuing its investigation of this matter;

AND WHEREAS the Commission has been advised that the application by the Commission (through its Staff) to the Ontario Superior Court of Justice for the appointment of BDO Dunwoody Limited as Receiver and Manager of the property of Buckingham has been adjourned until Thursday, July 26, 2001, on the basis of representations by Buckingham to Staff that Buckingham is putting forward a plan to settle all its outstanding liabilities to clients and certain of the Brokers;

AND WHEREAS B2B Trust and Laurentian Bank Securities Inc. ("Laurentian Bank Securities") have confirmed to Staff that accounts in the name of Buckingham are held with Laurentian Bank Securities and not B2B Trust;

AND WHEREAS Staff of the Commission has requested that the Temporary Order in respect of B2B Trust expire on July 20, 2001, and that the Temporary Order be modified so that trading in securities by Laurentian Bank Securities cease, on the term that trading cease by Laurentian Bank Securities only in respect of securities held in an account or accounts in the name of Buckingham;

AND WHEREAS in view of the circumstances outlined above, Staff of the Commission further requests that this proceeding be adjourned sine die, to be returnable on no less that seven days' notice;

AND WHEREAS the Commission considers it to be in the public interest to make this Order;

IT IS HEREBY ORDERED pursuant to section 127(7) of the Act that the Temporary Order made by the Commission on July 6, 2001 is extended against the Respondents until this hearing is concluded, with the following variations:

  1. pursuant to clause 2 of subsection 127(1) of the Act trading in securities by Laurentian Bank Securities shall cease effective today, on the term that trading cease by Laurentian Bank Securities only in respect of securities held in an account or accounts in the name of Buckingham;

  2. the Temporary Order made by the Commission on July 6, 2001 pursuant to clause 2 of subsection 127(1) of the Act that trading in securities by B2B Trust cease, expires effective today; and

  3. the Temporary Order issued on July 6, 2001, and as modified by this Order shall substitute the name Laurentian Bank Securities for the name B2B Trust wherever the name B2B Trust appears.

IT IS FURTHER ORDERED that any party may apply for such further order, including an order to vary this Order, to be returnable on three days' notice to every other party, to this proceeding.

IT IS FURTHER ORDERED that pursuant to section 21 of the Statutory Powers Procedure Act, R.S.O. 1990, c. S.22, as amended, this hearing is adjourned sine die, to be returnable on no less than seven days' notice.

 

DATED at Toronto this 20th day of July, 2001.