OSC commences a second proceeding against Mikael Prydz

(March 23 – 11:40 ET) – The Ontario Securities Commission has issued a second Notice of Hearing and Statement of Allegations against Mikael Prydz. The proceeding relates to breaches of undertakings provided by Prydz to the Commission, as well as a Commission
order approving a settlement agreement dated February 8, 2000.

Specifically, OSC enforcement staff allege that Prydz violated the terms of the settlement agreement and the order by failing to remove language from his employer’s website . In addition, Prydz failed to provide OSC staff with a complete list of investors to facilitate 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, OSC staff allege that Prydz’ conduct has demonstrated a complete disregard for the Commission’s process.