The Ontario Securities Commission today approved settlement agreements reached with Edwards Securities Inc. and David Edwards.

These agreements arise from an enforcement action initiated on August 9, 2002 in which OSC Staff alleged that Edwards and ESI traded in securities in violation of the prospectus requirements contained in Ontario securities law, and failed to declare their interests in the trades.

In their settlement agreement, Edwards and ESI admit that, as a result of this illegal distribution, more than of $1 million was raised from at least 89 investors.

Edwards’ registration was terminated, and he must cease trading in securities on a permanent basis. He is also permanently prohibited from becoming a director or officer of an issuer, and must resign any positions that he currently holds as a director or officer of an issuer. Edwards also received a reprimand from the OSC.

As for ESI, the firm was reprimanded by the OSC and its registration was terminated. ESI must also cease trading in securities on a permanent basis.

In approving the settlement agreement, Commissioner Robert Davis remarked that the respondents’ conduct “had brought no credit to the public markets”, and merited the severest of sanctions.

Copies of the settlement agreement and final Order are available on the Commission’s website at www.osc.gov.on.ca