The Ontario Securities Commission has approved a settlement with Wayne Unmetsu.

Between 1997 and 1998, Umetsu traded futures contracts without being registered, and diverted monies provided to him for investment purposes for his own personal use.

Umetsu agreed that his conduct contravened the Commodity Futures Act and was contrary to the public interest.

The settlement permanently prohibits Umetsu from trading in any securities with the exception that after one year from the date of the approval of the settlement the he is permitted to trade securities for the account of his RRSP. It also permanently prohibits Umetsu from acting as an officer or director of any issuer.

As part of the settlement agreement, the OSC ordered Umetsu to pay $10,000 towards the costs of the hearing.