Proceedings

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

and

IN THE MATTER OF PALADIN CAPITAL MARKETS INC.,
JOHN DAVID CULP, AND CLAUDIO FERNANDO MAYA

ORDER

Sections 127(1), 127(7) and 127(8)



      WHEREAS on June 2, 2009, the Ontario Securities Commission (the "Commission") issued a temporary order (the “Temporary Order”) pursuant to sections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") ordering that:
  1. Under s. 127(1)1 of the Act, the registration of Paladin and Culp be suspended;
  2. Under s. 127(1)2 of the Act, all trading in any securities by the Respondents cease;
  3. Under s. 127(1)2 of the Act, all trading in securities of Paladin cease; and
  4. Under s. 127(1)3 of the Act, all exemptions contained in Ontario securities law do not apply to the Respondents.
      AND WHEREAS on June 2, 2009, the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;

      AND WHEREAS on June 4, 2009 the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on June 15, 2009 at 10:00 a.m;

      AND WHEREAS the Commission held a hearing on June 15, 2009 to consider whether to extend the Temporary Order;

      AND WHEREAS counsel for Staff, Maya and Culp, on his on behalf and for Paladin, appeared at the hearing held on June 15, 2009;

      AND WHEREAS Culp, on his on behalf and for Paladin, consented to the extension of the Temporary Order to September 30, 2009 and the adjournment of the hearing to September 29, 2009 at 2:30 p.m.;

      AND WHEREAS Maya consented to the extension of the Temporary Order to September 30, 2009, subject to his right to contest the Temporary Order by hearing on July 2, 2009 at 2:30 p.m.;

      AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

      AND WHEREAS by Commission order made April 1, 2008, pursuant to section 3.5(3) of the Act, any one of David Wilson, James E.A. Turner, Lawrence E. Ritchie, Paul K. Bates, and David L. Knight, acting alone is authorized to exercise the powers of the Commission under the Act, subject to subsection 3.5(4) of the Act, to make orders under section 127 of the Act;

      IT IS ORDERED that
  1. pursuant to sections 127(7) and 127(8), the Temporary Order be extended until September 30, 2009; and
  2. the hearing is adjourned to July 2, 2009 at 2:30 p.m. to permit Maya to contest the extension of the Temporary Order as against him; and
  3. the hearing is otherwise adjourned to September 29, 2009 at 2:30 p.m..
Dated at Toronto this 17th day of June 2009


" Lawrence E. Ritchie "
Vice-Chair Lawrence E. Ritchie