The Ontario Securities Commission has banned the treasurer of Goldbridge Financial Inc. from trading in securities for three years for breaching a previous order of the commission.

At a hearing on Wednesday, the OSC approved a settlement agreement with Shawn C. Lesperance, the treasurer and a director of Toronto-based Goldbridge Financial.

In the settlement agreement, Lesperance admitted that he breached a previous order of the commission. In particular, he authorized, permitted or acquiesced in Goldbridge’s acceptance of a loan of $10,000 for the purpose of trading, while the company was subject to an order to trade only funds contributed by Lesperance or Wesley Weber, the company’s president.

The temporary order restricting the trading had been issued in October 2008. In December, while the temporary order remained in effect, Goldbridge accepted the $10,000 loan.

Neither Lesperance nor Goldbridge are registered to trade in securities or act as an advisor.

Lesperance admitted that his conduct was contrary to Ontario securities law and contrary to the public interest, according to the OSC.

The commission ordered that Lesperance cease trading in securities for three years, except on his own behalf in a registered retirement savings plan account, and he is prohibited from becoming or acting as a director or officer of an issuer for three years.

In addition, the OSC ordered Lesperance to pay investigation costs of $1,000. The settlement agreement noted that Lesperance is employed by an auto industry supplier, and has suffered “a significant reduction in income in the last year as a result of the downturn in that industry.” As a result, the commission said Lesperance has “no present ability to pay a higher costs order than the $1,000 proposed.”

IE