Securities Law & Instruments

IN THE MATTER OF

THE SECURITIES ACT,

RSO 1990, c S.5

 

AND

 

IN THE MATTER OF

THOMAS ARTHUR WILLIAMS,

GLOBAL WEALTH CREATION OPPORTUNITIES INC.,

GLOBAL WEALTH CREATION OPPORTUNITIES INC. (BELIZE),

GLOBAL WEALTH FINANCIAL INC.,

GLOBAL WEALTH CREATION STRATEGIES INC.,

CDN GLOBAL WEALTH CREATION CLUB RW-TW,

2002 CONCEPTS INC.,

SUSAN GRACE NEMETH,

RENEE MICHELLE PENKO,

IRENE G. BEILSTEIN and

DENNIS CARL WEIGEL

 

ORDER

 

                WHEREAS:

 

1.             On January 10, 2017, Staff (“Staff”) of the Ontario Securities Commission (the “Commission”) filed a Statement of Allegations seeking an order against Thomas Arthur Williams (“Williams”), Global Wealth Creation Opportunities Inc., Global Wealth Creation Opportunities Inc. (Belize), Global Wealth Financial Inc., Global Wealth Creation Strategies Inc., CDN Global Wealth Creation Club RW-TW, 2002 Concepts Inc. (collectively, the “Global Entities”), Susan Grace Nemeth (“Nemeth”), Renee Michelle Penko (“Penko”), Irene G. Beilstein (“Beilstein”) and Dennis Carl Weigel (“Weigel”) (collectively, the “Respondents”), pursuant to subsections 127(1) and 127(10) of the Securities Act, RSO 1990, c S.5 (the “Act”);

 

2.             On January 10, 2017, the Commission issued a Notice of Hearing in respect of that Statement of Allegations, setting January 30, 2017 as the date of the hearing;

 

3.             At the hearing on January 30, 2017, the Commission granted Staff’s application to continue the proceeding by way of a written hearing;

 

4.             The Respondents are subject to an order made by the British Columbia Securities Commission dated August 17, 2016 (the “BCSC Order”) that imposes sanctions, conditions, restrictions or requirements upon them, within the meaning of paragraph 4 of subsection 127(10) of the Act; and

 

5.             The Commission is of the opinion that it is in the public interest to make this order;

 

                IT IS HEREBY ORDERED:

 

(a)           against Williams that:

 

i.              pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Williams shall cease permanently;

 

ii.             pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Williams is prohibited permanently;

 

iii.            pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Williams permanently;

 

iv.            pursuant to paragraphs 7 and 8.1 of subsection 127(1) of the Act, Williams resign any positions that he holds as a director or officer of any issuer or registrant;

 

v.             pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act, Williams is prohibited permanently from becoming or acting as a director or officer of any issuer or registrant; and


vi.            pursuant to paragraph 8.5 of subsection 127(1) of the Act, Williams is prohibited permanently from becoming or acting as a registrant, investment fund manager or promoter;

 

(b)           against Nemeth that:

 

i.              pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Nemeth shall cease, except that:

 

1.             she may trade securities through her own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant;

 

ii.             pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Nemeth is prohibited, except that:

 

1.             she may purchase securities through her own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant;

 

iii.            pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Nemeth, except for those exemptions necessary to enable Nemeth to trade or purchase securities in her own account as contemplated by subclauses i. 1. and ii. 1. of paragraph (b) above;

 

iv.            pursuant to paragraphs 7 and 8.1 of subsection 127(1) of the Act, Nemeth resign any positions that she holds as a director or officer of any issuer or registrant;

 

v.             pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act, Nemeth is prohibited from becoming or acting as a director or officer of any issuer or registrant;

 

vi.            pursuant to paragraph 8.5 of subsection 127(1) of the Act, Nemeth is prohibited from becoming or acting as a registrant, investment fund manager or promoter; and

 

vii.           the sanctions listed in (b) i., ii., iii., v. and vi. shall apply until the later of August 17, 2023, and the date on which the payments ordered against Nemeth in paragraphs 133(17) and 133(18) of the BCSC Order have been made;

 

(c)           against Penko that:

 

i.              pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Penko shall cease, except that:

 

1.             she may trade securities:

 

a.             through her own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant; and

 

b.             in the course of her employment with a dealer registered under the applicable securities legislation, and only with or to the clients of that dealer;

 

ii.             pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Penko is prohibited, except that:

 

1.             she may purchase securities:

 

a.             through her own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant; and

 

b.             in the course of her employment with a dealer registered under the applicable securities legislation, and only with or to the clients of that dealer;

 

iii.            pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Penko, except for those exemptions necessary to enable Penko to trade or purchase securities in her own account as contemplated by subclauses i. 1. a. and ii. 1. a. of paragraph (c) above;

 

iv.            pursuant to paragraphs 7 and 8.1 of subsection 127(1) of the Act, Penko resign any positions that she holds as a director or officer of any issuer or registrant,

 

v.             pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act, Penko is prohibited from becoming or acting as a director or officer of any issuer or registrant;

 

vi.            pursuant to paragraph 8.5 of subsection 127(1) of the Act, Penko is prohibited from becoming or acting as a registrant, investment fund manager or promoter, except in connection with her employment with a dealer under the applicable securities legislation and under the condition of strict supervision of Penko’s registerable activities on the same terms as Appendix A of the BCSC Order; and

 

vii.           the sanctions listed in (c) i., ii., iii., v. and vi. shall apply until the later of August 17, 2020, and the date on which the payments ordered against Penko in paragraphs 133(25) and 133(26) of the BCSC Order have been made;

 

(d)           against Beilstein that:

 

i.              pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Beilstein shall cease, except that:

 

1.             she may trade securities through her own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant;

 

ii.             pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Beilstein is prohibited, except that:

 

1.             she may purchase securities through her own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant;

 

iii.            pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Beilstein, except for those exemptions necessary to enable Beilstein to trade or purchase securities in her own account as contemplated by subclauses i. 1. and ii. 1. of paragraph (d) above;

 

iv.            pursuant to paragraphs 7 and 8.1 of subsection 127(1) of the Act, Beilstein resign any positions that she holds as a director or officer of any issuer or registrant;

 

v.             pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act, Beilstein is prohibited from becoming or acting as a director or officer of any issuer or registrant;

 

vi.            pursuant to paragraph 8.5 of subsection 127(1) of the Act, Beilstein is prohibited from becoming or acting as a registrant, investment fund manager or promoter; and

 

vii.           the sanctions listed in (d) i., ii., iii., v. and vi. shall apply until the later of August 17, 2019, and the date on which the payments ordered against Beilstein in paragraphs 133(34) and 133(35) of the BCSC Order have been made;

 

(e)           against Weigel that:

 

i.              pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Weigel shall cease, except that:

 

1.             he may trade securities through his own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant;


ii.             pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Weigel is prohibited, except that:

 

1.             he may purchase securities through his own account through a registrant, provided that a copy of the BCSC Order, and a copy of the Order of the Commission in this proceeding, are provided to the registrant;

 

iii.            pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Weigel, except for those exemptions necessary to enable Weigel to trade or purchase securities in his own account as contemplated by subclauses i. 1. and ii. 1. of paragraph (e) above;

 

iv.            pursuant to paragraphs 7 and 8.1 of subsection 127(1) of the Act, Weigel resign any positions that he holds as a director or officer of any issuer or registrant;

 

v.             pursuant to paragraphs 8 and 8.2 of subsection 127(1) of the Act, Weigel is prohibited from becoming or acting as a director or officer of any issuer or registrant;

 

vi.            pursuant to paragraph 8.5 of subsection 127(1) of the Act, Weigel is prohibited from becoming or acting as a registrant, investment fund manager or promoter; and

 

vii.           the sanctions listed in (e) i., ii., iii., v. and vi. shall apply until the later of August 17, 2017, and the date on which the payments ordered against Weigel in paragraphs 133(43) and 133(44) of the BCSC Order have been made;

 

(f)            against each of the Global Entities:

 

i.              pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives of each of the Global Entities shall cease permanently;

 

ii.             pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by each of the Global Entities shall cease permanently;

 

iii.            pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to each of the Global Entities permanently; and

 

iv.            pursuant to paragraph 8.5 of subsection 127(1) of the Act, each of the Global Entities is prohibited permanently from becoming or acting as a registrant, investment fund manager or promoter.

 

                DATED at Toronto this 29th day of March, 2017.

 

“Monica Kowal”