The Ontario Securities Commission has issued a notice of hearing against James Pincock, alleging that he acted as a portfolio manager without registration.

The OSC says that from May 1995 to May 1999, Pincock traded in securities, contrary to prospectus and registration requirements. Pincock was the president of Britwirth Investment Company, Ltd. and an officer or director of Fulton Park Ltd. and Wifsta Ltd. Pincock, Britwirth, Fulton Park and Wifsta have not been registered in any capacity under the Ontario Securities Act.

The OSC alleges that Pincock received $1.7 million and at least US$500,00 from approximately 170 investors in Ontario and elsewhere to purchase securities in at least six companies. Pincock arranged for the investors to purchase securities in the companies through a series of pooling or subscription agreements entered into between investors and Britwirth, Fulton Park or Wifsta.

After receiving funds from investors, Britwirth, Fulton Park and Wifsta purchased securities in the companies and then distributed those securities to the investors.

The OSC also alleges that Pincock acted as an advisor to investors, or as portfolio manager for the purpose of managing investments on behalf of clients.

The first appearance in this matter will be held at 09:00 ET on Wednesday, August 22, to set a date for the hearing.