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 ADRIAN SAMUEL LEEMHUIS, FUTURE
GROWTH GROUP INC., FUTURE GROWTH FUND LIMITED, FUTURE GROWTH
GLOBAL FUND LIMITED, FUTURE GROWTH MARKET NEUTRAL FUND
LIMITED, FUTURE GROWTH WORLD FUND, and ASL DIRECT INC.

ORDER
(Subsection 127(8))

IN THE MATTER OF THE R.S.O. 1990, c. S.5, AS AMENDED- and -IN THE MATTER OF ADRIAN SAMUEL LEEMHUIS, FUTURE GROWTH GROUP INC., FUTURE GROWTH FUND LIMITED, FUTURE GROWTH GLOBAL FUND LIMITED, FUTURE GROWTH MARKET NEUTRAL FUNDLIMITED, FUTURE GROWTH WORLD FUND, and ASL DIRECT INC.ORDER(Subsection 127(8))


        WHEREAS on April 22, 2008, the Ontario Securities Commission (the “Commission”) issued a Temporary Order pursuant to subsection 127(5) of the Securities Act R.S.O. 1990, c. S.5, as amended (the “Act”) that all trading in securities of and all trading of securities by Future Growth Group Inc., Future Growth Fund Limited, Future Growth Global Fund Limited, Future Growth Market Neutral Fund Limited, and Future Growth World Fund (“The Funds”) shall cease, that all trading of securities by Adrian Leemhuis shall cease and that any exemptions contained in Ontario securities law do not apply to these respondents;

        AND WHEREAS on May 1, 2008, the Commission issued a Temporary Order pursuant to subsection 127(5) of the Act that all trading in securities by ASL Direct Inc. (“ASL”) shall cease and that any exemptions contained in Ontario securities law do not apply to ASL;

        AND WHEREAS on May 2, 2008, the Commission issued an Amended Notice of Hearing to consider the extension of the Temporary Orders dated April 22, 2008 and May 1, 2008 (collectively the “Temporary Orders”) to be held on May 6, 2008 at 2:30 p.m.;

        AND WHEREAS on May 6, 2008 the Commission held a hearing and counsel for Staff and counsel for the Respondents attended before the Commission and confirmed that there was no objection to adjourning until May 16, 2008, and the Commission ordered that pursuant to subsection 127(8) the Temporary Orders be extended to May 16, 2008 and the hearing to consider the extension of these orders be adjourned to May 16, 2008;

        AND WHEREAS the Commission held a hearing on May 16, 2008 and counsel for Staff and counsel for the Respondents attended before the Commission and at that time the Commission made an order continuing the Temporary Orders until May 26, 2008;

        AND WHEREAS the Commission held a hearing on May 26, 2008 and counsel for Staff and counsel for the Respondents attended before the Commission and the Commission made an order continuing the Temporary Orders until June 17, 2008;

        AND WHEREAS on June 16, 2008 the Commission made an Order that: continued the Temporary Orders until July 10, 2008; adjourned the hearing of the matter until July 9, 2008; and, varied the Temporary Order made April 22, 2008 to permit trading of the securities held by The Funds by Marvin & Palmer;

        AND WHEREAS the Commission held a hearing on July 9, 2008 and counsel for Staff and counsel for the Respondents attended before the Commission and the Commission made an order continuing the Temporary Orders, as varied, until October 28, 2008;

        AND WHEREAS the Commission held a hearing on October 24, 2008 and counsel for Staff and counsel for the Respondents attended before the Commission and the Commission made an order continuing the Temporary Orders, as varied, until December 1, 2008;

        AND WHEREAS, pursuant to an Order of the Honourable Mr. Justice Morawetz of the Ontario Superior Court of Justice (Commercial Court) dated November 4, 2008, KPMG Inc. was appointed as Receiver and Manager over the property and affairs of ASL;

        AND WHEREAS the Commission held a hearing on December 1, 2008 and the Commission was advised that counsel for Staff and counsel for KPMG Inc., in its capacity as Receiver and Manager of ASL, consented to the making of the order with respect to ASL and counsel for the remaining Respondents did not oppose the making of this Temporary Order; the Commission made an order continuing the Temporary Orders, as varied, until March 3, 2009;

        AND WHEREAS the Commission held a hearing on March 3, 2009 and counsel for Staff and counsel for the Respondents attended before the Commission and, the Respondents having confirmed that they were not objecting to the Order, the Commission made an order:

  1. discontinuing the Temporary Order against ASL dated May 1, 2008; and
  2. continuing the Temporary Order made on April 22, 2008, as varied, by the Order of June 16, 2008, until June 3, 2009;
        AND WHEREAS the Commission held a hearing on June 3, 2009 and counsel for Staff and counsel for the Respondents attended before the Commission and the Commission made an order:

  1. varying the Temporary Order made on April 22, 2008, as varied, to permit limited personal trading by Adrian Leemhuis; and
  2. continuing the Temporary Order made on April 22, 2008, as varied, until September 30, 2009;
        AND WHEREAS the Respondents have provided information in the context of Staff’s ongoing investigation;

        AND WHEREAS Staff and the Respondents have agreed not to proceed to a contested hearing before the Commission pursuant to subsection 127(7) at this time and have consented to an extension of the Temporary Order, as varied, until November 7, 2009;

        AND WHEREAS, accordingly, pursuant to subsection 127(8) of the Act, satisfactory information has not been provided to the Commission by any of the Respondents at this time;

        AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

        IT IS HEREBY ORDERED that the Temporary Order dated April 22, 2008, as varied, is further extended to November 7, 2009;

        AND IT IS FURTHER ORDERED that the hearing to consider the extension of the Temporary Order dated April 22, 2008, as varied, is adjourned to November 6, 2009 at 10:00 a.m., without prejudice to either party moving pursuant to the Rules to vary the Order under section 144 or for any other appropriate relief.

        DATED at Toronto this 29th day of September, 2009.


"David L. Knight"
David L. Knight