The Ontario Securities Commission has approved settlements with Douglas Cross and George Holmes regarding the unregistered trading of Saxton securities.

Cross has never been registered with the commission. By selling the Saxton securities, he engaged in unregistered trading and participated in illegal distributions.

Cross was reprimanded by the OSC. He is prohibited from trading securities for four years with the exception of his RRSP account after one year.

By selling the Saxton securities, Holmes likewise participated in illegal distributions and engaged in other conduct contrary to the public interest. The commission reprimanded Holmes and ordered that his registration be suspended, and he be prohibited from trading securities, for 11 months. He must successfully complete the Canadian Securities Course as a term and condition of the reinstatement of his registration. Holmes was also ordered to pay $1,700 in costs.