The Ontario Superior Court of Justice has determined that the contents of four bank accounts held in the name of Daniel Shuttleworth should be sent to KPMG Inc., a court-appointed receiver and guardian.

The accounts had originally been frozen by the Ontario Securities Commission on the grounds that they contained investor funds solicited as part of an illegal securities investment scheme orchestrated by Andrew Lech.

OSC staff allege that Lech used other individuals to collect investor funds on his behalf.

Lech allegedly represented to investors that he would invest their funds in securities, with a guaranteed rate of return on the investment, and a guaranteed return of principal. OSC staff allege that Lech collected at least $25 million in this manner, as well as a further US$20 million from investors in the United States.

OSC staff also allege that Lech was trading and advising in securities without registration, making impermissible representations concerning securities, and conducting an illegal distribution of securities.

The OCS had asked banks to hold the contents of bank accounts that appear to be associated with Lech’s investment activities.

Investors or any persons with a potential claim on the transferred funds should contact Szemenyei Kirwin MacKenzie LLP, counsel to the Receiver and Guardian. Szemenyei Kirwin MacKenzie can be reached by telephone, toll-free, at 1-866-433-8155 or at www.skmlawyers.com.