The Ontario Securities Commission today approved a settlement agreement reached by staff of the commission with Offshore Marketing Alliance (OMA) and Warren English.

OSC staff alleged that OMA and English participated in an illegal distribution of securities in the form of “Prime Bank” trading contracts. Staff also alleged that OMA and English had breached a cease trade order issued by the commission in this matter in December 2000 by continuing to trade in the contracts.

In the settlement agreement, OMA and English admitted to violations of the Securities Act and to the breach of the cease trade order.

As penalty English must cease trading in securities for a period of 10 years, must resign any positions that he holds as a director or officer of an issuer, and is prohibited from becoming the director or officer of an issuer for a period of 15 years. He was also reprimanded by the commission.

OMA must cease trading in securities permanently and was also reprimanded by the commission.