(April 3 – 14:35 ET) – The Ontario Securities Commission has set a date for the hearing of the allegations against Mikael Prydz. The hearing will commence on Thursday, Apr.
13 at 10 a.m. at the Alcohol and Gaming Commission, 20 Dundas Street West, 7th floor, Hearing Room “C”, Toronto, Ontario. (OSC facilities are under renovation.)
On Mar. 22, the Commission issued a second Notice of Hearing and Statement of Allegations against Prydz. Commission Staff are alleging that Prydz breached undertakings that he provided to the Commission, as well as a Commission order approving a settlement agreement dated February 8, 2000.
Specifically, Staff allege that Prydz violated the terms of the settlement agreement and the order of the Commission by failing to remove language from the website of his employer. In addition, Prydz failed to provide Staff with a complete list of investors to give effect to his undertaking to send a letter to all investors. Prydz also sent a letter to investors which contradicted his admissions in the settlement agreement.
Finally, Staff allege that Prydz’ conduct has demonstrated a complete disregard for the Commission’s process.
-IE Staff