Proceedings

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


- and -


IN THE MATTER OF
ALLAN EIZENGA, RICHARD JULES FANGEAT,
MICHAEL HERSEY, LUKE JOHN MCGEE and ROBERT LOUIS RIZZUTO


ORDER
(Subsection 127(1) and section 127.1)



     WHEREAS on September 24, 1998, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) respecting Robert Louis Rizzuto (“Rizzuto”) and others and issued Amended Notices of Hearing against Rizzuto and others on February 7, 2003 and May 21, 2004;

     AND WHEREAS on September 24, 1998, the Commission made a Temporary Order as against Rizzuto and others, such Temporary Order that was extended by Commission Orders dated October 9, 1998 and February 5, 1999 (the “Temporary Order”);

     AND WHEREAS Rizzuto and Staff of the Commission entered into a Settlement Agreement executed on June 30, 2004 and July 6, 2004 (the “Settlement Agreement”) in which they agreed to a proposed settlement of the proceedings, subject to the approval of the Commission;

     AND WHEREAS the attached Settlement Agreement includes the term that Rizzuto will make a voluntary payment of $9,000.00 to the Commission for allocation to, or for the benefit of, third parties as may be approved by the Minister under s. 3.4(2)(b) of the Act;

     AND UPON reviewing the Settlement Agreement and the Amended Statement of Allegations of Staff of the Commission and upon hearing submissions from counsel for Rizzuto and from Staff of the Commission, the Commission is of the opinion that it is in the public interest to make the following Order pursuant to subsection 127(1) and section 127.1 of the Act;


     IT IS ORDERED THAT:
  1. The attached Settlement Agreement is approved;
  2. Pursuant to s. 3.4(2)(b) of the Act, the $9,000.00 voluntary payment to the Commission is allocated to, or for the benefit of, third parties as may be approved by the Minister;
  3. Pursuant to subsection 127(1), paragraph 1, Rizzuto’s registration with the Commission is suspended for six months commencing on July 7, 2004;
  4. Pursuant to subsection 127(1), paragraph 2, trading in any securities by Rizzuto cease for six months commencing on July 7, 2004;
  5. Pursuant to subsection 127(1), paragraph 1, Rizzuto must successfully complete the Canadian Securities Course in order for his registration to be reinstated following the suspension;
  6. Pursuant to subsection 127(1), paragraph 6, Rizzuto is reprimanded;
  7. The Temporary Order as against Rizzuto no longer has any force or effect; and
  8. Pursuant to section 127.1, Rizzuto pay to the Commission costs in the amount of $8,000.00.

     DATED at Toronto this 17th day of August, 2004.
“H. Lorne Morphy” “Robert W. Davis”
H. Lorne Morphy, Q.C. Robert W. Davis