Proceedings

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

- AND -

CICCONE GROUP, MEDRA CORPORATION, 990509 ONTARIO INC., TADD FINANCIAL
INC., CACHET WEALTH MANAGEMENT INC., VINCE CICCONE, DARRYL BRUBACHER,
ANDREW J MARTIN, STEVE HANEY, KLAUDIUSZ MALINOWSKI,
AND BEN GIANGROSSO

ORDER
(Subsections 127(7) and (8))



WHEREAS on April 21, 2010, the Ontario Securities Commission (the “Commission”) issued a 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”) that the Respondents cease trading in securities; that the exemptions contained in Ontario securities law do not apply to all of the Respondents except 990509 Ontario Inc. (“990509”); and that trading in the securities of 990509 and Medra Corporation (“Medra”) cease (the “Temporary Order”);

AND WHEREAS on April 21, 2010, 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 April 22, 2010, the Commission issued a notice of hearing (the “Notice of Hearing”) giving notice that it will hold a hearing (the “Hearing”) on May 3, 2010 at 10 a.m.;

AND WHEREAS the Notice of Hearing states, among other things, that the Hearing is to consider whether it is in the public interest to extend the Temporary Order pursuant to subsections 127 (7) and (8) of the Act until the conclusion of the hearing on the merits, or until such further time as considered necessary by the Commission;

AND WHEREAS on May 3, 2010, the Hearing was held before the Commission where counsel for Staff of the Commission (“Staff”) attended and where an agent (the “Agent”) appeared on behalf of all of the Respondents except for Medra;

AND WHEREAS Staff advised that on April 22, 2010, it served Medra with a copy of the Temporary Order and Notice of Hearing at an email address that purported as recently as March 4, 2010 to be an email address associated with at least one of the principals of Medra;

AND WHEREAS the Agent advised that steps where being taken to locate the current principal officer of Medra;

AND WHEREAS upon the submissions of Staff and the Agent, and upon review of the Affidavit of Service of Staff, the Commission was satisfied that Staff had properly served all of the Respondents with copies of the Temporary Order and the Notice of Hearing;

AND WHEREAS the Commission was advised that Staff and those Respondents for whom the Agent appeared consent to an extension of the Temporary Order until October 21, 2010 and an adjournment of the Hearing until that time;

AND WHEREAS satisfactory information has not been provided to the Commission by the Respondents;

AND WHEREAS the Commission considered the evidence and submissions before it and the Commission is of the opinion that it is in the public interest to make this order;

IT IS HEREBY ORDERED pursuant to subsections 127 (7) and (8) of the Act that the Temporary Order is extended to October 22, 2010 as follows:

  1. in respect of clause 2 of subsection 127(1) of the Act, that all trading in any securities by Ciccone Group, 990509, Medra, Cachet Wealth Management Inc. (“Cachet”), Tadd Financial Inc. (“Tadd”) or their agents or employees shall cease;
  2. in respect of clause 2 of subsection 127(1) of the Act, that all trading in any securities by Vince Ciccone (“Ciccone”), Klaudiusz Malinowski (“Malinowski”), Darryl Brubacher (“Brubacher”), Steve Haney (“Haney”), Andrew Martin (“Martin”) and Ben Giangrosso (“Giangrosso”) shall cease;
  3. in respect of clause 2 of subsection 127(1) of the Act, that all trading in the securities of 990509 and Medra shall cease;
  4. in respect of clause 3 of subsection 127(1) of the Act, that the exemptions contained in Ontario securities law do not apply to Ciccone Group, Medra, Cachet and Tadd or their agents or employees;
  5. in respect of clause 3 of subsection 127(1) of the Act that the exemptions contained in Ontario securities law do not apply to Ciccone, Malinowski, Brubacher, Haney, Martin and Giangrosso; and
  6. the order in respect of clause 3 of subsection 127(1) that exemptions contained in Ontario securities law do not apply to Naida Allarde shall lapse.

IT IS FURTHER ORDERED that the Hearing is adjourned to October 21, 2010, at 10:00 a.m.

 

DATED at Toronto this 3rd day of May, 2010.

 

" David L. Knight "
David L. Knight, FCA