(February 6 – 12:25 ET) – Yesterday the Ontario Court of Justice found Arnold Guettler, Neo-Form Corp. and Neo-Form North America Corp. guilty of trading in securities without being registered, and without having filed a prospectus. The securities were shares and promissory notes issued by the defendants.

The defendants were also found guilty of making representations that the shares of Neo-Form Corp. and Neo-Form North America Corp. would be listed on a stock exchange with the intention of effecting trades in such securities.

They were found not guilty of giving undertakings as to the future value of the shares of Neo-Form Corp. and Neo-Form North America Corp. to potential investors with the intention of effecting trades in such.

According to the Ontario Securities Commission, between Oct. 15, 1994 and Jan. 10, 1997, the defendants raised more than $2 million dollars from the sale of shares and promissory notes to approximately 140 investors.

The sentencing hearing is scheduled for April 17 in Toronto.
-IE Staff