Proceedings

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
GLENDALE SECURITIES INC.

AND

LOUIS SHEFSKY

ORDER
(Section 127)

          WHEREAS on June 16, 1995, the Ontario Securities Commission (the "Commission") issued a Notice of Hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, Chapter S.5, as amended (the "Act") in respect of Glendale Securities Inc. ("Glendale"), Louis Shefsky ("Shefsky") and one other person;

          AND WHEREAS Glendale, Shefsky and Staff of the Commission entered into a settlement agreement dated January 24, 1997, in which they agreed to a proposed settlement of these proceedings respecting Glendale and Shefsky, subject to the approval of the Commission;

          UPON reviewing the Settlement Agreement and hearing submissions of counsel on behalf of Glendale, Shefsky and Staff of the Commission;

          AND UPON being advised that Glendale has presented a lawyers' trust cheque in the amount of $100,000 payable to the Minister of Finance as a contribution towards the costs of the investigation;

          AND UPON THE COMMISSION being of the opinion that it is in the public interest to make this order;

          IT IS ORDERED that:

 

1.       The Settlement Agreement dated January 24, 1997, attached hereto, be and is hereby approved.
 
2. Pursuant to clause 4 of section 127(1) of the Act, Glendale will submit to a review of its practices and procedures with respect to the acquisition of securities for resale to its clients and will institute such changes as are recommended in the report of the reviewer.
 
3. Pursuant to clause 6 of section 127(1) of the Act, Glendale is hereby reprimanded by the Commission.
 
4. Pursuant to clause 1 of section 127(1) of the Act, the registration of Shefsky is hereby suspended for a period of three years provided that upon making application for reinstatement of his registration, Shefsky must satisfy the Director that the requirements of sections 26 and 28 of the Act are met but that the facts contained in this Settlement Agreement will not be grounds for refusing to reinstate Shefsky's registration.

January 24th, 1997.

"H. M. Meyer"                         "J. F. Howard"