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News Release

Ontario Securities

20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
Commission des valeurs mobilières de l'Ontario

November 10, 2011

OSC Panel Releases Decision Regarding Maple Leaf Investment Fund Corp.,
Joe Henry Chau, Tulsiani Investments Inc. and Sunil Tulsiani
Related to Breaches of the Ontario Securities Act

TORONTO – In a decision released today, an Ontario Securities Commission (OSC) panel found that Maple Leaf Investment Fund Corp. (Maple Leaf), Joe Henry Chau (Chau), Tulsiani Investments Inc. (Tulsiani Investments) and Sunil Tulsiani breached the Ontario Securities Act and acted contrary to the public interest in connection with the sale of Maple Leaf bonds to members of the public, which raised over $4 million from over 80 investors.

In its decision, the OSC panel found that Maple Leaf and Chau breached the Securities Act by trading Maple Leaf bonds without registration, distributing these securities without a prospectus, and making prohibited representations contrary to the Securities Act and the public interest.

The OSC panel found that Maple Leaf and Chau misled potential investors by providing false and incomplete information and that they diverted funds, knowingly placing investors' funds at risk.

The OSC panel also found that Sunil Tulsiani and Tulsiani Investments breached the Securities Act by advising with respect to the Maple Leaf 400 series bonds without being registered to do so, including by, directly and/or indirectly, promoting the Maple Leaf 400 series bonds as “risk free” to members of an investment club that Sunil Tulsiani and Tulsiani Investments operated.

The OSC panel concluded that the conduct of the Respondents was egregious and dishonest, and that they preyed on vulnerable investors, many of whom did not understand the purported investments.

A sanctions hearing in this matter is pending.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Cease trade orders prohibit individuals or companies from trading in securities. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC investor materials available at


For Media Inquiries: Wendy Dey
Director, Communications & Public Affairs

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Manager, Public Affairs

Dylan Rae
Media Relations Specialist

For Investor Inquiries: OSC Contact Centre
1-877-785-1555 (Toll Free)