The Ontario Securities Commission has amended its Notice of Hearing and Statement of Allegations against several respondents regarding the illegal distribution of Saxton securities.

Of the original respondents, fifteen have entered into settlement agreements with OSC staff namely: Robert Adzija, Larry Ayres, David Bending, Douglas Cross, Allan Dorsey, George Holmes, Todd Johnston , Michael Kennelly, John Kirby, Ernest Kiss, Arthur Krick, Frank Latam, Ron Masschaele, Randall Novak and Michael Vaughan. The commission approved all settlements.

The remaining respondents participated, to varying degrees, in the illegal distributions of the Saxton securities and engaged in other conduct contrary to Ontario securities law and the public interest. Certain respondents also face allegations relating to their involvement in the sale of the Sussex International (Marlene Berry, Michael Hersey and Richard Fangeat) and SecurCorp Financial Inc. (Marlene Berry and Michael Hersey) securities.

The first appearance before the Commission is scheduled for March 5.

Copies of the Amended Notice of Hearing and Amended Statement of Allegations of Staff of the Commission are available on the commission’s website www.osc.gov.on.ca.