IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED
- AND –
IN THE MATTER OF TRICOASTAL CAPITAL PARTNERS LLC,
TRICOASTAL CAPITAL MANAGEMENT LTD.
and KEITH MACDONALD SUMMERS
WHEREAS on July 25, 2013, the Ontario Securities Commission (the “Commission”) issued a temporary cease trade 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”) ordering the following:
- pursuant to clause 2 of subsection 127(1) and subsection 127(5) of the Act that all trading in any securities by Keith MacDonald Summers (“Summers”), Tricoastal Capital Partners LLC (“Tricoastal Partners”) and Tricoastal Capital Management Ltd. (“Tricoastal Capital”) (collectively, the “Respondents”) or their agents shall cease; and
- pursuant to clause 3 of subsection 127(1) and subsection 127(5) of the Act that the exemptions contained in Ontario securities law do not apply to the Respondents or their agents;
AND WHEREAS on August 6, 2013, the Commission ordered pursuant to subsection 127(8) of the Act, that the Temporary Order is extended until February 5, 2014, or until further order of the Commission;
AND WHEREAS Staff of the Commission (“Staff”) appeared on February 3, 2014 and advised that counsel for the Respondents consented to a further six month extension of the Temporary Order;
AND WHEREAS the Commission ordered that the Temporary Order be extended until August 8, 2014 and that the hearing of the matter be adjourned to August 6, 2014;
AND WHEREAS Staff and counsel for the Respondents appeared at a status update on June 2, 2014 at 11:00 a.m.;
AND WHEREAS on June 3, 2014, the Commission ordered that the August 6, 2014 date for the continuation of the Temporary Order be vacated;
AND WHEREAS on June 2, 2014 the Commission ordered that the Temporary Order be extended until September 11, 2014 and that the hearing of this matter be adjourned to September 9, 2014 at 3:00 p.m.;
AND WHEREAS the Respondents entered into a Settlement Agreement dated August 20, 2014 (the “Settlement Agreement”) in relation to the matters set out in a Statement of Allegations dated February 27, 2014;
AND WHEREAS the Commission issued a Notice of Hearing dated September 2, 2014 setting out that it proposed to consider the Settlement Agreement on September 4, 2014;
AND WHEREAS on September 4, 2014, the Commission considered submissions from Staff and counsel for the Respondents;
AND WHEREAS on September 4, 2014, the Commission ordered that the Settlement Agreement be approved and issued an order imposing sanctions on the Respondents;
IT IS HEREBY ORDERED that the September 9, 2014 hearing date for the continuation of the Temporary Order is vacated.
DATED at Toronto this 4th day of September, 2014.
James E. A. Turner