The Ontario Securities Commission today announced scheduled a hearing into allegations that Richard Ochnik and 1464210 Ontario Inc. engaged in an RRSP/loan scheme.

Staff of the OSC allege that between May 7, 2002 and Nov. 18, 2002, Ochnik promised various individuals facing financial difficulty a non-repayable loan if they collapsed their RRSPs and invested in 1464210.

Between June 7, 2002 and December 31, 2002, 43 individuals invested a total of approximately $1.5 million in 1464210.

OSC staff further allege that Ochnik and 1464210 sold the securities without being registered with the commission and distributed the securities without filing a prospectus with the OSC.