The Ontario Securities Commission on Wednesday ordered that both Create-a-Fund Inc. and its chief executive officer Ronald Etherington be reprimanded and prohibited from trading in securities.

The commission also ordered that Etherington resign any positions that he holds as an officer or director of an issuer, prohibited him from becoming an officer or director of any issuer, and ordered him to pay costs of $7,500.

The order will continue in effect against Etherington until two years from the date of the order, or until Etherington becomes a registrant under the Ontario Securities Act.

During the term of the order, Etherington is permitted to continue trading in securities for his own account, provided those securities are beneficially owned by him. The terms of the order are permanent against Create-a-Fund.

Etherington began operating Create-a-Fund in October 2000 over the Internet. Create-a-Fund offered to provide customers with personal financial planning and investment management services but neither Etherington nor Create-a-Fund were registered to advise in securities.

In February 2002, the OSC issued an interim order prohibiting Etherington and Create-a-Fund from trading in any securities.