The Ontario Securities Commission has issued an amended notice of hearing against Brian Peter Verbeek and Lloyd Hutchinson Ebenezer Bruce.

The hearing will consider allegations that Verbeek participated in illegal distributions of securities as part of a scheme to help investors cash out of locked-in RRSPs. It also alleges suitability problems and makes other allegations of conduct contrary to the public interest. It claims that Bruce failed to adequately supervise Verbeek’s accounts and actions. None of these allegations has been proven.

Verbeek’s hearing has been scheduled for Sept. 20, 21 and 22. The hearing for Bruce will take place Nov. 24 and 25. The case has been repeatedly delayed since the original notice of hearing was issued and the statement of allegations was filed Oct. 8, 2003. An amended statement of allegations was filed March 9.

The hearing was initially scheduled to start on Oct. 28, 2003, but was adjourned to Nov. 27, 2003 for a pre-hearing. Pe-hearings scheduled for Nov. 27, Dec. 11, and March 23 were all adjourned due to the unavailability of the respondents or OSC counsel. The pre-hearing finally took place on May 25.

The OSC is seeking trading and registration bans, reprimands, and costs, among other things.