Notice from the
20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
|Commission des valeurs mobilières de l'Ontario
FOR IMMEDIATE RELEASE
September 29, 2006
IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, C. S.5, AS AMENDED
- AND -
IN THE MATTER OF
UNIVERSAL SETTLEMENTS INTERNATIONAL INC.
TORONTO – Following a hearing commenced on June 26, 2006 in relation to the above named matter, the Commission issued its Decision and Reasons and Order today.
In its Reasons, the Commission found that the interests in death benefits of life insurance policies from insured persons (viators) offered by Universal Settlements International Inc. (USI) are securities under subsection 1(1) of the Securities Act. Further, the Commission found that USI has not complied with Ontario securities law and has not acted in the public interest.
The Commission issued an Order under subsection 127(1) of the Act which provides that:
- USI permanently cease trading in securities unless:
(a) USI fulfills the registration and prospectus requirements in Ontario securities law; or
(b) USI meets the requirements for an exemption in Ontario securities law;
- USI and its agents are exempted from the cease trade order and, prospectively only, the registration and prospectus requirements of the Act, but only to the extent necessary for them to complete tasks relating to existing investments of investors. This exemption does not apply to acts in furtherance of trades relating to moneys from investors that have not already been committed to the life policies of specific viators. Such moneys should be returned to the investors, forthwith;
- There is no order as to costs.
OFFICE OF THE SECRETARY
JOHN P. STEVENSON
|For media inquiries:||Wendy Dey
and Public Affairs
Manager, Public Affairs
|For Investor Inquiries:||OSC Contact Centre
1-877-785-1555 (Toll Free)