The Ontario Securities Commission will convene a hearing today to consider a settlement reached by staff of the commission and Marlene Berry regarding the illegal distribution of Saxton securities.

Between 1995 and 1998, various Saxton companies issued securities. The sale of such securities raised approximately $37 million from investors. Staff alleges that the distribution of the Saxton securities did not comply with Ontario securities law.

Berry was employed by Integrated Planning Services and Rick Fangeat as the office administrator. The OSC alleges that the vast majority of Integrated Planning Services’ business related to the sale of the Saxton securities and that Fangeat acted as the manager of several Saxton salespeople.

The OSC further alleges that Berry was involved in the illegal distributions of the Saxton securities by, among other things, acting as a liaison between the Saxton salespeople and Saxton’s head office and participating in the execution of subscription agreements.

The terms of the settlement agreement between OSC and Berry are confidential until approved.