The Ontario Securities Commission has approved settlements reached between commission staff and Michael Goselin and Irvine Dyck.

The two respondents, along with Donald McCrory and Roger Chiasson, faced staff allegations relating to their involvement with the North George Capital Limited Partnerships and Lionaird Capital Corp. In a separate proceeding, staff made allegations against Dyck in connection with his sales of units in the Dual Capital Limited Partnership.

The commission ordered that trading in any securities by Goselin and Dyck cease for 20 years. The pair are also are prohibited from becoming or acting as an officer or director of a reporting issuer for twenty years.

Goselin became registered with the OSC in 1988. Between August 1995 and February 1998, he sold approximately US$1.5 million worth of units in the North George Capital Limited Partnerships and $570,000 worth of promissory notes of Lionaird Capital Corp. to more than 70 Ontario investors, many of whom were retired or approaching retirement. He earned approximately $378,600 in commissions and trailer fees.

By selling the North George and Lionaird securities to his clients, Goselin participated in illegal distributions of securities and engaged in other conduct contrary to Ontario securities law and the public interest.

Mr. Dyck became registered with the OSC in September 1987. Between October 1994 and December 1995, Dyck sold units in the Dual Capital Limited Partnership to 10 investors, earning US$30,000 in commissions. Between June 1996 and late February 1998, he sold approximately US$1.1 million worth of units in the North George Capital Limited Partnerships and $2.7 million worth of promissory notes of Lionaird Capital Corp. to more than 150 Ontario investors, a significant number of which were retired or approaching retirement. Of the $2.7 million, $1.8 million was invested by clients in the purported RRSP-eligible Lionaird product. He earned approximately $271,600 in commissions and trailer fees.

By selling the Dual, North George and Lionaird securities to his clients, Dyck participated in illegal distributions of securities and engaged in other conduct contrary to Ontario securities law and the public interest.

Both Mr. Dyck and Mr. Goselin continued to sell Lionaird to their clients in the face of difficulties experienced by North George.

Commissioner Howard Wetston, in his oral decision approving the settlements, commented that the respondents’ self-interest outweighed the public interest. The course of conduct pursued by Dyck and Goselin was “quite inconsistent with the interests of their clients, said Wetson, chair of the panel.