IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
IN THE MATTER OF
WHEREAS on March 13, 2009, the Commission issued a Notice of Hearing pursuant to section 127 of the Securities Act (the "Act") in respect of the trading of securities in Gold-Quest International ("Gold-Quest") by Paul Iannicca (the "Respondent");
AND WHEREAS on March 12, 2009, Staff of the Commission filed a Statement of Allegations;
AND WHEREAS the Respondent entered into a Settlement Agreement dated February 9th, 2010 (the "Settlement Agreement") in relation to the matters set out in the Statement of Allegations;
AND WHEREAS the Commission issued a Notice of Hearing dated February 3, 2010, setting out that it proposed to consider the Settlement Agreement;
UPON reviewing the Settlement Agreement, the Notice of Hearing, the Statement of Allegations, and upon considering submissions from the Respondent through his agent and from Staff of the Commission;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;
IT IS HEREBY ORDERED, PURSUANT TO SECTION 127 OF THE ACT, THAT:
1. the Settlement Agreement dated February 9, 2010, between Staff of the Commission and the Respondent is approved;
2. the Respondent is prohibited for ten years from becoming or acting as a registrant;
3. any exemptions contained in Ontario securities law do not apply to the Respondent for ten years; and
4. the Respondent disgorge to the Commission the amount of $60,851.84 to be allocated under section 3.4(2)(b) to or for the benefit of third parties.
Dated at Toronto, Ontario this 10th day of February, 2010.
"David L. Knight"