Proceedings

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

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IN THE MATTER OF TERRENCE BEDFORD

ORDER
(Rule 9 of the Commission’s Rules of Procedure (2014), 37 O.S.C.B. 4168)



WHEREAS:

  1. on March 8, 2013, Terrence Bedford (“Bedford” or the “Respondent”) pleaded guilty in the Ontario Court of Justice to one count of engaging or participating in an act, practice or course of conduct relating to securities that he knew or reasonably ought to have known perpetrated a fraud on persons or companies to whom he traded securities, contrary to subsection 126.1(1)(b) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), and he thereby did commit an offence contrary to subsection 122(1)(c) of the Act;
  2. Bedford’s guilty plea was accepted by the Ontario Court of Justice, and he was convicted and sentenced to two years’ imprisonment;
  3. on June 30, 2015, Staff of the Commission (“Staff”) filed a Statement of Allegations in this matter, seeking an inter-jurisdictional enforcement order pursuant to subsection 127(1) of the Act, in reliance upon paragraph 1 of subsection 127(10) of the Act;
  4. on July 2, 2015, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to subsections 127(1) and 127(10) of the Act in respect of Bedford;
  5. on July 22, 2015, Staff appeared before the Commission and brought an application to continue this proceeding by way of a written hearing, and made submissions;
  6. on July 22, 2015, Staff filed an affidavit of service sworn on  July 16, 2015 by Lee Crann, a Law Clerk with the Commission, which documented service on Bedford of the Notice of Hearing, Statement of Allegations, Staff's disclosure materials, and information concerning the Litigation Assistance Program;
  7. on July 22, 2015, Bedford appeared before the Commission and advised  that he had not yet retained counsel, and that he wished to seek legal advice regarding Staff’s request to continue the proceeding by way of a written hearing;
  8. on July 22, 2015, the Commission ordered that:
    1. Staff’s application to proceed by way of written hearing is denied, without prejudice to Staff’s right to reapply to continue this proceeding by way of a written hearing;
    2. this proceeding is adjourned to an oral hearing to be held on September 9, 2015 at 2:00 p.m. or as soon thereafter as the hearing can be held;
    3. any requests by the Respondent for disclosure of additional documents shall be set out in a Notice of Motion to be served and filed no later than August 27, 2015; and
    4. Staff shall make disclosure of their witness list and summaries and indicate any intent to call an expert witness, and provide the Respondent the name of the expert and state the issue on which the expert will be giving evidence, by September 2, 2015; and
  9. on September 1, 2015, newly retained counsel for Bedford advised the Commission that he would not be able to attend the hearing scheduled for September 9, 2015, and requested an adjournment, to which Staff consented;
  10. on July 22, 2015, the Commission ordered that:
    1. the hearing date of September 9, 2015 be vacated; and
    2. this proceeding is adjourned to an oral hearing to be held on October 1, 2015 at 2:00 p.m. or as soon thereafter as the hearing can be held;


IT IS ORDERED, on consent of the parties, that the hearing scheduled to be held on October 1, 2015 at 2:00 p.m. shall be held at 3:00 p.m. on the same date.

DATED at Toronto this 24th day of September, 2015.

 



"Timothy Moseley "
Timothy Moseley