The Ontario Securities Commission has approved a settlement agreement with Teodosio Pangia, Agostino Capista and Dallas/North Group Inc. concerning the illegal sale of shares of EPA Enterprisies. Inc.

Each of the respondents sold EPA shares without being registered to trade in securities, and Pangia distributed securities without filing and a prospectus. As well, the OSC says the respondents’ conduct was contrary to the public interest.

The OSC issued permanent cease trade orders against all three respondents, and permanent prohibitions against Pangia and Capista from acting as a director or officer of any issuer. The respondents must also pay $70,000 in respect of the costs of the investigation.

The OSC panel, comprised of vice-chairman Paul Moore, commissioner Wendell Wigle, and commissioner Paul Bates, approved the settlement as being in the public interest. Moore stated that the “seriousness of the sanctions shows that we do not treat these matters lightly” and that permanent sanctions were justified on the facts.

Copies of the amended notice of hearing, the amended statement of allegations, the settlement agreement signed December 4, and the order of December 16, are available on the OSC Web site.