The Ontario Securities Commission will convene five consecutive hearings on October 9 to consider settlements reached by staff of the commission and each of respondents involved in trading Saxton securities.

The five respondents are Michael Kennelly, John Kirby, Douglas Cross, Allan Dorsey and David Bending.

The respondents (except Cross) were registered with the commission to trade securities. The Respondents sold Saxton securities to Ontario investors. Staff alleges that the respondents participated in illegal distributions of a security and engaged in conduct contrary to the public interest. In the case of Cross, staff’s allegations include that he traded securities without being registered.

The terms of the settlement agreements between staff and each of the respondents are confidential until approved by the commission.