Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE Ontario Securities Commission
TORONTO, Feb. 25, 2013 /CNW/ - In a decision released on February 25,
2013, an Ontario Securities Commission (OSC) panel found that
FactorCorp Inc., FactorCorp Financial Inc. (the "FactorCorp companies")
and Mark Twerdun ("Twerdun") breached the Ontario Securities Act in
connection with raising approximately $50 million from about 600
Ontario investors between 2004 and 2007.
In its decision, the panel found that FactorCorp companies contravened
subsections 122(1)(b) and (c), and 126.2(1) of the Securities Act by
making misleading or untrue statements in offering memoranda and
promotional material. The panel also concluded that, as the sole
officer and director, Twerdun was liable for the contraventions of the
FactorCorp companies and that he failed to ensure that investors were
entitled to rely on the accredited investor exemption, contrary to the
public interest.
The panel made factual findings related to the conduct of the FactorCorp
companies and Twerdun in making use of investor funds contrary to the
statements in the offering memoranda and promotional material,
including that one transaction involving investor funds "reflected what
can only be described as a shocking dereliction by the Respondents of
their duties to the investors."
The panel ordered the hearing to determine sanctions and costs to
commence on April 18, 2013 at 10:00 a.m. A copy of the Reasons for
Decision can be found on the OSC website at www.osc.gov.on.ca.
The mandate of the OSC is to provide protection to investors from
unfair, improper or fraudulent practices and to foster fair and
efficient capital markets and confidence in capital markets. Investors
are urged to check the registration of any person or company offering
an investment opportunity and to review the OSC's investor materials
available at www.osc.gov.on.ca.
©2012 PR Newswire. All Rights Reserved.
All content © Copyright 2000 - 2013 WorldNow and WLOX, a Raycom Media Station. 
