Proceedings

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

- AND -

IN THE MATTER OF NEW SOLUTIONS CAPITAL INC., NEW SOLUTIONS
FINANCIAL CORPORATION, NEW SOLUTIONS FINANCIAL (II) CORPORATION,
NEW SOLUTIONS FINANCIAL (III) CORPORATION, NEW SOLUTIONS
FINANCIAL (VI) CORPORATION AND RON OVENDEN

ORDER
(Subsections 127(1), 127(7) and 127(8))



    WHEREAS on April 11, 2012, the Ontario Securities Commission (the “Commission”) issued an order (the “Temporary Order”) pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990 c. S.5, as amended (the “Act”) that:

  1. all trading in the securities of New Solutions Financial Corporation (“NSFC”), New Solutions Financial (II) Corporation (“NSF2”), New Solutions Financial (III) Corporation (“NSF3”) and New Solutions Financial (VI) Corporation (“NSF6”) shall cease immediately;
  2. New Solutions Capital Inc. (“NSCI”), NSFC, NSF2, NSF3, NSF6, their employees, representatives and Ron Ovenden (“Ovenden”) shall cease trading in all securities of NSFC, NSF2, NSF3 and NSF6 immediately; and
  3. any exemptions contained in Ontario securities law do not apply to NSCI, NSFC, NSF2, NSF3, NSF6, their employees and representatives and Ovenden;

    AND WHEREAS on April 18, 2012, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on April 25, 2012 at 2:00 p.m. (the “Notice of Hearing”);

    AND WHEREAS Staff of the Commission (“Staff”) have served NSCI, NSFC, NSF2, NSF3, NSF6 and Ovenden with copies of the Temporary Order, the Notice of Hearing, the Affidavit of Stratis Kourous sworn April 19, 2012 and Staff’s factum as evidenced by the Affidavit of Service of Lee Crann sworn on April 23, 2012 and the Affidavit of Service of Levy Goldberg-Gilis sworn April 24, 2012;

    AND WHEREAS on April 25, 2012, Staff appeared before the Commission and no-one appeared on behalf of any of the respondents;

    AND WHEREAS on hearing submissions from Staff and on being advised by Staff that NSFC, NSF2, NSF3, NSF6 do not oppose the extension of the Temporary Order and Ovenden takes no position on the extension of the Temporary Order;

    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 hearing in this matter is adjourned to October 11, 2012 at 9:00 a.m. or to such other date or time as set by the Office of the Secretary and agreed to by the parties and the Temporary Order shall be extended for a period of 6 months, until October 12, 2012.

DATED at Toronto this 25th day of April, 2012.

 

" James E. A. Turner "
James E. A. Turner