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
EDWARD FURTAK, AXTON 2010 FINANCE CORP.,
STRICT TRADING LIMITED, RONALD OLSTHOORN,
TRAFALGAR ASSOCIATES LIMITED, LORNE ALLEN and
STRICTRADE MARKETING INC.

NOTICE OF HEARING
(Sections 127 and 127.1)



TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the offices of the Commission at 20 Queen Street West, 17th Floor, in the City of Toronto, commencing on Monday, April 27th, 2015 at 9:30 a.m., or as soon thereafter as the hearing can be held;

AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether, in the Commission’s opinion, it is in the public interest for the Commission to make the following orders:

    1. pursuant to paragraph 1 of subsection 127(1) of the Act, that the registration of each of Ronald Olsthoorn (“Olsthoorn”) and Trafalgar Associates Limited (“TAL”) be suspended or restricted for such period as is specified by the Commission, or be terminated, or that terms and conditions be imposed on the registration;
    2. pursuant to paragraph 2 of subsection 127(1) of the Act, that trading in securities of each of Axton 2010 Finance Corp. (“Axton”) and Strict Trading Limited (“STL”), whether direct or indirect, cease permanently or for such period as is specified by the Commission;
    3. pursuant to paragraph 2 of subsection 127(1) of the Act, that trading in any securities by Edward Furtak (“Furtak”), Axton, STL, Olsthoorn, TAL, Lorne Allen (“Allen”) and Strictrade Marketing Inc. (“SMI”) (collectively, the “Respondents”) cease permanently or for such period as is specified by the Commission;
    4. pursuant to paragraph  2.1 of subsection 127(1) of the Act, that the acquisition of any securities by each of the Respondents is prohibited permanently or for such other period as is specified by the Commission;
    5. pursuant to paragraph 3 of subsection 127(1) of the Act, that any exemptions contained in Ontario securities law do not apply to each of the Respondents permanently or for such period as is specified by the Commission;
    6. pursuant to paragraph 6 of subsection 127(1) of the Act, that each of the Respondents be reprimanded;
    7. pursuant to paragraphs 7, 8.1 and 8.3 of subsection 127(1) of the Act, that each of Furtak, Olsthoorn and Allen (collectively, the “Individual Respondents”) resign one or more positions that they hold as a director or officer of any issuer, registrant, and/or investment fund manager;
    8. pursuant to paragraphs 8, 8.2 and 8.4 of subsection 127(1) of the Act, that each of the Individual Respondents be prohibited from becoming or acting as a director or officer of any issuer, registrant, and/or investment fund manager permanently or for such other period as is specified by the Commission;
    9. pursuant to paragraph 8.5 of subsection 127(1) of the Act, that each of the Respondents be prohibited from becoming or acting as a registrant, an investment fund manager and/or as a promoter permanently or for such other period as is specified by the Commission;
    10. pursuant to clause 9 of subsection 127(1) of the Act, that each of the Respondents pay an administrative penalty of not more than $1 million for each failure by that Respondent to comply with Ontario securities law;
    11. pursuant to clause 10 of subsection 127(1) of the Act, that each of the Respondents disgorge to the Commission any amounts obtained as a result of non-compliance by that Respondent with Ontario securities law;
    12. pursuant to section 127.1 of the Act, that the Respondents be ordered to pay the costs of the Commission investigation and the hearing; and
    13. such other order as the Commission considers appropriate in the public interest.

BY REASON OF the allegations as set out in the Statement of Allegations of Staff of the Commission dated March 30, 2015 and such further additional allegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel at the hearing;

AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place stated above, the hearing may proceed in the absence of that party, and such party is not entitled to further notice of the proceeding.

AND TAKE FURTHER NOTICE that the Notice of Hearing is also available in French, participation may be in either French or English and participants must notify the Secretary’s Office in writing as soon as possible, and in any event, at least thirty (30) days before a hearing if the participant is requesting a proceeding to be conducted wholly or partly in French; and

ET AVIS EST ÉGALEMENT DONNÉ PAR LA PRÉSENTE que l'avis d'audience est disponible en français, que la participation à l'audience peut se faire en français ou en anglais et que les participants doivent aviser le Bureau du secrétaire par écrit le plut tôt possible et, dans tous les cas, au moins trente (30) jours avant l'audience si le participant demande qu'une instance soit tenue entièrement ou partiellement en français.

DATED at Toronto this   30th   day of March, 2015

 



"Josée Turcotte "
Josée Turcotte
Secretary to the Commission