The Ontario Securities Commission panel approved settlments reached by staff of the commission and Frank Latam, Robert Adzija, Todd Johnston and Randall Novak at a hearing on August 8.

The four respondents sold Saxton securities to Ontario investors. In so doing, they participated in illegal distributions of securities and engaged in other conduct contrary to Ontario securities law.

Latam was reprimanded, and is prohibited from trading in any securities for eight years. Adzija was reprimanded and prohibited from trading in any securities for four years. Johnston was reprimanded and is subject to a nine month trading ban. None of the three are currently registered representatives.

The commission suspended Novak’s registration for eight months. He was also reprimanded and paid costs in the amount of $2,500. He must also successfully complete the Canadian Securities Course as a term and condition of the reinstatement of his registration.