The Ontario Securities Commission today terminated the registration of Buckingham Securities Corp. for record keeping violations at the firm.

OSC staff alleged that during the period from March 1997 to July 2001 Buckingham failed to segregate fully paid or excess margin securities owned by its clients, failed to maintain adequate capital at all times, and failed to keep such books and records in violation of requirements of Ontario securities law.

Staff further alleged that for the fiscal years ending March 31, 1999 and March 31, 2000, Buckingham made statements in Form 9 reports required to be filed or furnished under Ontario securities law that, in a material respect and at the time and in the light of the circumstances under which they were made, were misleading or untrue.

Previously, the OSC had suspended the registration of Buckingham by Orders dated July 6, 2001 and July 20, 2001. BDO Dunwoody Ltd. was also appointed receiver and manager of the assets and undertaking of Buckingham by order of the Hon. Madame Justice Swinton dated July 26, 2001.

In the settlement agreement approved by the OSC, Buckingham made admissions in relation to the violations, and agreed to an order terminating the registration of Buckingham.

The panel, comprised of vice chairman Paul Moore, commissioner Robert Davis and commissioner David Knight, approved the settlement as being in the public interest.

Copies of the notice of hearing and related statement of allegations, the settlement agreement, and the commission’s order are available on the OSC Web site.