The Ontario Securities Commission has launched a case against two senior executives of Fulcrum Financial Group Inc., alleging they made “misleading and prohibited” representations to investors.

The OSC said Fulcrum president Troy Van Dyk and executive vp William Rogers also engaged in selling securities without being registered or filing prospectuses.

The London, Ont.-based insurance agency closed its doors in October, leaving investors with no information about their funds.

Last week, the OSC issued a temporary order banning trading in shares of Fulcrum and two other companies.

Yesterday, the OSC said it will hold a hearing Nov. 18 to seek penalties against Van Dyk and Rogers.

The commission will also seek an order banning the two executives from working as a director or officer of any public company, and will seek an unspecified financial penalty.