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 RONALD JAMES OVENDEN, NEW SOLUTIONS CAPITAL INC., NEW SOLUTIONS FINANCIAL CORPORATION AND NEW SOLUTIONS FINANCIAL (II) CORPORATION

ORDER
(Sections 127 add 127.1 of the Securities Act)



    WHEREAS on March 28, 2013, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) in respect of Ronald James Ovenden (“Ovenden”), New Solutions Capital Inc. (“NSCI”), New Solutions Financial Corporation (“NSFC”) and New Solutions Financial (II) Corporation (“NSFII”);

    AND WHEREAS on March 28, 2013, Staff of the Commission (“Staff”) filed a Statement of Allegations (the “Statement of Allegations”) in respect of the same matter;

    AND WHEREAS NSFC and NSFII entered into a Settlement Agreement dated March 28, 2013 (the “Settlement Agreement”) in relation to certain matters set out in the Statement of Allegations;

    AND WHEREAS on April 1, 2013 the Commission issued a Notice of Hearing in respect of the Settlement Agreement;

    AND WHEREAS by order dated April 10, 2013 the Commission approved the Settlement Agreement;

    AND WHEREAS on April 11, 2012, the Commission ordered that all trading in the securities of NSFC, NSFII, New Solutions Financial (III) Corporation (“NSFIII”) and New Solutions Financial (VI) Corporation (“NSFVI”) cease immediately, that NSCI, NSFC, NSFII, NSFIII, NSFVI, their employees and representatives and Ovenden cease trading in all securities of NSFC, NSFII, NSFIII, and NSFVI immediately, that any exemptions contained in Ontario securities law do not apply to NSCI, NSFC, NSFII, NSFIII, NSFVI, their employees and representatives and Ovenden, and that the order take effect immediately and expire on the fifteenth day after its making unless extended by an order of the Commission (the “Temporary Order”);

    AND WHEREAS the Temporary Order was extended on April 25, 2012 and October 11, 2012 and currently continues until May 10, 2013 and an appearance to address the Temporary Order is scheduled for May 9, 2013 at 10:00 a.m.;

    AND WHEREAS pursuant to the Notice of Hearing dated March 28, 2013 an attendance before the Commission was held on May 1, 2013;

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

    UPON REVIEWING the Notice of Hearing dated March 28, 2013, the Statement of Allegations, and the affidavit of service of Tia Faerber sworn April 25, 2013, and upon considering the submissions of counsel to Ovenden and of Staff, no one appearing for NSCI although duly served in accordance with the Commissions’ Rules of Procedure;

    IT IS HEREBY ORDERED:

  1. that the hearing of this matter is adjourned to Thursday, August 1, 2013 at 10:00 a.m.

    DATED at Toronto this 1st day of May 2013.

 

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