(February 2 – 13:55 ET) – Noram Capital Management Inc. and Andrew Willman. Noram are alleged to have contravened the Ontario Securities Act by failing to deal fairly, honestly and in good faith with clients of Noram, over more than a seven year period.

The conduct alleged includes making unsuitable investments, failing to adequately disclose the risks associated with certain investments, including leveraged investments, making misleading statements to clients regarding investments, making misleading and inaccurate representations in advertising and promotional materials, engaging in personal trading and principal trading and self-dealing.

In addition, it is alleged that Noram breached an Order of the Commission dated September 29, 1999, which suspended its registration effective October 7, 1999, by failing to provide the Commission with certain financial reporting documentation.

The hearing in this matter was originally scheduled to begin on February 5, 2001. The hearing has been adjourned to February 9, at which time the Commission will consider a settlement entered into among Mr. Willman, Noram and Staff of the Commission.

Terms of the settlement will be disclosed if and when the Commission approves the settlement agreement. The hearing will begin at 10am in the Large Hearing Room, 17th Floor, 20 Queen Street West, Toronto.