(April 2 – 17:20 ET) – The Ontario Securities Commission has commenced a proceeding against Jack Banks and Larry Weltman, two directors and principals of LaserFriendly Inc. (otherwise known as Gaming Lottery Corporation, GLC Corporation and GalaxiWorld.com). Shares of the company traded on the TSE from August 1993 to July 1998.

OSC staff allege that Banks and Weltman authorized the company to participate in a program whereby the company would issue share certificates, although not actually issue the underlying shares.

Staff allege that both men knew or ought to have known that improper use might be made of these share certificates, and that they failed to ensure that sufficient controls were in place to avoid any improper use.

In addition, staff allege that Banks and Weltman pleaded guilty in the State of New York to a felony relating to fraud involving the shares of the company (although unrelated to the program described above).