Proceedings


COMMUNICATION
IN THE MATTER OF MATTHEW ROBERT WHITE AND
WHITE CAPITAL CORPORATION



TORONTO - On January 11, 2013, Marrianne Bridge, acting in her capacity as Director of the Compliance and Registrant Regulation Branch, issued a decision (the “Decision”) suspending the registration of Matthew White (“White”) and White Capital Corporation (“White Capital”). On January 16, 2013, White and White Capital filed an application for a hearing and review of the Decision by the Ontario Securities Commission (the “Commission”) pursuant to subsection 8(2) of the Securities Act, R.S.O. 1990, c. S.5, as amended. On January 18, 2013, the Commission issued an order staying the Decision until the completion of the hearing and review on May 13, 2013 (the “Stay Order”), subject to certain terms and conditions.

In April 2013, Staff of the Commission (“Staff”) and White and White Capital reached an agreement in which White and White Capital withdrew their application for a hearing and review and made a joint recommendation with Staff to the Director, defining the term of suspension of registration in the Decision and providing for certain terms and conditions should White reapply for registration in the future. The joint recommendation included the following key provisions, among others:

  • that White Capital’s registration be suspended immediately and that White Capital apply to surrender its registration forthwith;
  • that White be permanently prohibited from seeking registration in the categories of ultimate designated person and chief compliance officer;
  • that White be prohibited for a period of five years from becoming a permitted individual of a registered firm, and for a period of 18 months from applying for registration as a dealing representative; and
  • that White be required to successfully pass the Conduct and Practices Handbook examination prior to applying for registration, and that White be subject to strict supervision for one year on his reinstated registration should White reapply for registration as a dealing representative.

On April 26, 2013, the Director approved the joint recommendation.

On April 29, 2013, White and White Capital notified the Secretary that their application for a hearing and review was withdrawn. The Stay Order expired on May 13, 2013. The terms of the joint recommendation are reflected in full in an addendum to the Decision and are available on the Commission’s website.

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. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at www.osc.gov.on.ca

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