Proceedings

 

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

 

AND

 

IN THE MATTER OF
DAVID SINGH, JEFFREY LIPTON AND
INFINITY INVESTMENT COUNSEL LTD.

ORDER
Section 127(1))

 

WHEREAS on February 10, 1999, the Ontario Securities Commission (the"Commission") issued a notice of hearing pursuant to section 127(1) of the SecuritiesAct (the "Act") in respect of David Singh, Jeffrey Lipton and Infinity Investment CounselLtd. ("Infinity Investment Counsel");

AND WHEREAS Singh entered into a settlement agreement dated February 10,1999 (the "Settlement Agreement in respect of Singh") in which he agreed to aproposed settlement of the proceeding, subject to the approval of the Commission;

AND WHEREAS Singh has agreed to withdraw his current application forregistration as a salesperson with Fortune Financial Corporation;

AND WHEREAS Singh has agreed that he will not reapply for registration withthe Commission in any capacity for a period of 3 months from the date of this Order;

AND WHEREAS Infinity Investment Counsel entered into a settlementagreement dated March 1, 1999 (the "Settlement Agreement in respect of InfinityInvestment Counsel") in which it agreed to a proposed settlement of the proceeding,subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreements and the statement ofallegations of Staff of the Commission, and upon hearing submissions from counsel forSingh and for Infinity Investment Counsel and from Staff of the Commission;

AND WHEREAS the Commission is of the opinion that it is in the public interestto make this Order;

IT IS ORDERED THAT:

(1) the Settlement Agreement in respect of Singh dated February 10, 1999,attached to this Order, is hereby approved;

(2) pursuant to clause 1 of subsection 127(1) of the Act, the registrationgranted to Singh under Ontario securities law in respect of FortuneInvestment Corporation is suspended for a period of 3 months from thedate of this Order;

(3) the Settlement Agreement in respect of Infinity Investment Counsel datedMarch 1, 1999, attached to this Order, is hereby approved;

(4) pursuant to clause 6 of subsection 127(1) of the Act, Infinity InvestmentCounsel is hereby reprimanded; and

(5) pursuant to section 21 of the Statutory Powers Procedure Act, R.S.O.1990, c.S.2, as amended, the hearing in respect of Lipton is adjourned toApril 26, 1999 at 10:00 a.m..

March 2nd, 1999.

 

"Howard I. Wetston"

"Stephen N. Adams"

"G.P.H. Vernon"