The Ontario Securities Commission on Tuesday released details of settlement reached May 15 with Trafalgar Associates Ltd. and Edward Furtak.

Trafalgar, which was registered with the OSC as a limited market dealer, and Furtak agreed that they participated in distributions of units in the FFWD-98 Limited Partnership and shares in Conexys Corp. Ltd., formerly FaxForward International Ltd. Such distributions contravened Ontario securities law.

In connection with one elderly client, Furtak engaged in unregistered trading.

As a result of settlement discussions with OSC staff, Trafalgar redeemed all investments in FFWD-98. Accordingly, all investors in FFWD-98 received from Trafalgar monies representing the full purchase price of their initial investment. The transactions relating to Furtak’s client were similarly reversed.

The commission reprimanded the respondents and ordered that Furtak be prohibited from trading securities for six months.

Trafalgar agreed that it would not apply for registration with the commission for four months. The commission ordered total costs of $7,500 payable by the respondents.