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
NELSON FINANCIAL GROUP LTD., NELSON INVESTMENT GROUP LTD.,
MARC D. BOUTET, STEPHANIE LOCKMAN SOBOL,
PAUL MANUEL TORRES and H. W. PETER KNOLL

ORDER



    WHEREAS on May 12, 2010, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127(1) and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) in connection with a Statement of Allegations issued by Staff of the Commission (“Staff”) in this matter;

    AND WHEREAS on November 10, 2010, Staff amended the Statement of Allegations;

    AND WHEREAS Paul Manuel Torres (“Torres”) entered into a settlement agreement with Staff dated May 11, 2011 (the “Settlement Agreement”), subject to the approval of the Commission;

    AND UPON reviewing the Settlement Agreement, and upon hearing submissions from counsel for Staff and from Torres;

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

    IT IS ORDERED THAT

  1. The Settlement Agreement is approved;
  2. Pursuant to clause 2 of subsection 127(1) of the Act, trading in any securities by Torres shall cease permanently with a carve out for trading by Torres in his personal RRSP account after the payment set out in subparagraph (f) is paid in full;
  3. Pursuant to clause 1 of subsection 127(1) of the Act, the registration granted to Torres under Ontario securities law shall be terminated, permanently;
  4. Pursuant to clause 8 of subsection 127(1) of the Act, Torres is prohibited from becoming or acting as a director or an officer of any issuer for the greater of 15 years, or until such time as the payment specified in paragraph (f) is made in full;
  5. Pursuant to clause 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Torres, permanently; and
  6. Pursuant to clauses 9 and 10 of subsection 127(1) of the Act, Torres shall pay the amount of $50,000 to be allocated to or for the benefit of third parties under subsection 3.4(2)(b) of the Act, with payment of $20,000 to be made by certified cheque at the time of the settlement hearing and the remaining $30,000 to be paid within five years of the date this Settlement Agreement is executed.

 

    DATED at Toronto this 16th day of May, 2011.

 

" Edward P. Kerwin "
Edward P. Kerwin