The Ontario Securities Commission has adjourned the hearing as against Michael Goselin, Irvine Dyck and Roger Chiasson to November 20, 2002.

The hearing was adjourned to accommodate a settlement hearing respecting Goselin scheduled for November 18. The terms of the settlement agreement between OSC staff and Goselin are confidential until approved by the commission.

Goselin and Dyck were registered with the OSC to trade mutual fund securities and limited market products. Chiasson was not registered. Staff alleges that the respondents participated in illegal distributions of the North George Capital Limited Partnerships and Lionaird Capital Corp. securities and engaged in other conduct contrary to Ontario securities law and the public interest.

A settlement with the final respondent, Donald McCrory was approved by the OSC this morning.

McCrory also faced staff allegations relating to his involvement with the North George Capital Limited Partnerships and Lionaird Capital Corp.

The commission panel, chaired by Howard Wetston, approved the settlement. The OSC ordered that trading in any securities by McCrory cease for five years. Pursuant to the settlement, McCrory provided a written statement to the OSC that he will not apply for registration in any capacity for ten years.

McCrory became registered with the OSC in May 1996. His registration was sponsored by Triple A Financial Services Inc. Rod Alton was Triple A’s president and a director. Between September 1996 and February 1998, McCrory sold approximately $900,000 worth of units in the North George Capital Limited Partnerships and promissory notes of Lionaird Capital Corp. The distributions of these securities contravened the Securities Act.

By selling the North George and Lionaird securities to his clients, McCrory participated in illegal distributions of securities. Among other things, McCrory failed to conduct the appropriate due diligence and independent verification respecting the nature and quality of the investment products.

www.osc.gov.on.ca