Proceedings

PDF Version

PDF Version



IN THE MATTER OF
THE SECURITIES ACT, RSO 1990, c S.5

- and -

IN THE MATTER OF
AAOPTION, GALAXY INTERNATIONAL SOLUTIONS LTD.
and DAVID ESHEL

NOTICE OF HEARING
(Subsections 127(1) and 127(10) of the Securities Act)




TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to subsections 127(1) and 127(10) of the Securities Act, RSO 1990, c S.5 (the “Act”), at the offices of the Commission, 20 Queen Street West, 17th Floor, commencing on November 23, 2016 at 2:00 p.m., or as soon thereafter as the hearing can be held;

TO CONSIDER whether, pursuant to subsection 127(1) and paragraph 4 of subsection 127(10) of the Act, it is in the public interest for the Commission to make an order:

  1. against AAOption that:
    1. trading in any securities or derivatives by AAOption cease permanently, pursuant to paragraph 2 of subsection 127(1) of the Act;
    2. trading in any securities of AAOption cease permanently, pursuant to paragraph 2 of subsection 127(1) of the Act;
    3. the acquisition of any securities by AAOption be prohibited permanently, pursuant to paragraph 2.1 of subsection 127(1) of the Act;
    4. any exemptions contained in Ontario securities law do not apply to AAOption permanently, pursuant to paragraph 3 of subsection 127(1) of the Act; and
    5. AAOption be prohibited permanently from becoming or acting as a registrant, investment fund manager or promoter, pursuant to paragraph 8.5 of subsection 127(1) of the Act;
  2. against Galaxy International Solutions Ltd. (“Galaxy”) that:
    1. trading in any securities or derivatives by Galaxy cease permanently, pursuant to paragraph 2 of subsection 127(1) of the Act;
    2. trading in any securities of Galaxy cease permanently, pursuant to paragraph 2 of subsection 127(1) of the Act;
    3. the acquisition of any securities by Galaxy be prohibited permanently, pursuant to paragraph 2.1 of subsection 127(1) of the Act;
    4. any exemptions contained in Ontario securities law do not apply to Galaxy permanently, pursuant to paragraph 3 of subsection 127(1) of the Act; and
    5. Galaxy be prohibited permanently from becoming or acting as a registrant, investment fund manager or promoter, pursuant to paragraph 8.5 of subsection 127(1) of the Act;
  3. against David Eshel (“Eshel”) that:
    1. trading in any securities or derivatives by Eshel cease permanently, pursuant to paragraph 2 of subsection 127(1) of the Act;
    2. the acquisition of any securities by Eshel be prohibited permanently, pursuant to paragraph 2.1 of subsection 127(1) of the Act;
    3. any exemptions contained in Ontario securities law do not apply to Eshel permanently, pursuant to paragraph 3 of subsection 127(1) of the Act; and
    4. Eshel be prohibited permanently from becoming or acting as a registrant, investment fund manager or promoter, pursuant to paragraph 8.5 of subsection 127(1) of the Act;
  4. such other order or orders as the Commission considers appropriate.

BY REASON of the allegations set out in the Statement of Allegations of Staff of the Commission dated October 26, 2016, and by reason of an order of the Financial and Consumer Affairs Authority of Saskatchewan dated July 14, 2016, and such additional allegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that at the hearing on November 23, 2016 at 2:00 p.m., Staff will bring an application to proceed with the matter by written hearing, in accordance with Rule 11 of the Ontario Securities Commission Rules of Procedure (2014), 37 OSCB 4168 and section 5.1 of the Statutory Powers Procedure Act, RSO 1990, c S.22, and any party to the proceeding may make submissions in respect of the application to proceed by written hearing;

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

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

AND TAKE FURTHER NOTICE that the Notice of Hearing is also available in French on request, 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 sur demande, 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 28th day of October, 2016.

 



"Grace Knakowski "
Grace Knakowski
Secretary to the Commission