(April 14 – 17:45 ET) – The Ontario Securities Commission has approved settlement agreements entered into between enforcement staff and Norman Maxwell , Antonino Candido and John Dzambazov. Statement of Allegations which were issued against Maxwell, Candido and Dzambazov on July 4, 1995.

In the Settlement Agreements each of Maxwell, Candido and Dzambazov admitted that the financial statements of Megalode Corporation, a reporting issuer, for the periods ended May 31, 1993 and February 28, 1994, were untrue in a material respect. All three respondents also admitted that their involvement in the events leading to the preparation of the financial statements as officers and directors of Megalode or related issuers was contrary to the public interest.

Maxwell and Candido admitted that they had engaged in insider trading of the shares of Megalode contrary to subsection 76(1) of the Act.

The OSC imposed the following sanctions against Maxwell: He is prohibited from trading in securities for a period of 10 years from the date of the Temporary Order made against him on January 15, 1996, except that he will be permitted to trade for his personal account. Maxwell is prohibited from becoming or acting as a director of a reporting issuer for a period of 10 years from the date of the Temporary Order made against him on January 15, 1996. He was also reprimanded.

The OSC imposed the following sanctions against Candido: He is prohibited from trading in securities for a period of eight years from the date of the Temporary Order made against him on January 15, 1996, except that he will be permitted to trade for his personal account. He will resign from all positions he currently holds as a director or officer of a reporting issuer. He is prohibited from becoming or acting as a director or officer of a reporting issuer for a period of eight years from the date of this Order. He was also reprimanded.

The OSC imposed the following sanctions against Dzambazov: He is prohibited from trading in securities for a period of six years from the date of the Temporary Order made against him on January 15, 1996, except that Dzambazov will be permitted to trade for his personal account. Dzambazov will resign from all positions he currently holds as a director or officer of a reporting issuer. He is prohibited from becoming or acting as a director or officer of a reporting issuer for a period of six years from the date of the Order. He was reprimanded.
-IE Staff