Ian Telfer Responds to Ontario Securities Commission Allegations

TORONTO, Feb. 7, 2012 /CNW/ - Ian Telfer categorically denied the allegations made by the OSC in its statement of allegations released today.

"I believe the allegations by the OSC that I have acted contrary to the public interest to be completely without merit", said Mr. Telfer.  "The allegation is that I 'acted contrary to the public interest' by agreeing to include a family member of a business associate in a private financing.  There is no allegation that I breached any securities law or that I was involved in any insider trading scheme; as the OSC stated, I did not participate in the alleged scheme".

"I am very disappointed that the OSC is trying to stretch its jurisdiction to suggest that there is something wrong with agreeing to include someone's relative in a private placement".

"I do not believe that there is anything wrong with my conduct.  I do not believe anyone should be concerned with my conduct.  It is an everyday occurrence in the Canadian business world.  If the OSC is trying to send a message that it does not like this common conduct, I do not believe the OSC should be doing it this way".

Joseph Groia, of Groia & Company, counsel to Mr. Telfer, stated that "the Task Force to Modernize Securities Legislation in Canada recommended in 2006 that 'the 'contrary to the public interest' regulatory tool be used sparingly and only with the greatest of care if the behavior which is criticized has not been publicly identified in advance as unacceptable'.  We very much regret that it would appear that the OSC was not mindful of those comments".

"I am prepared to vigorously defend these allegations and look forward to being fully exonerated", said Mr. Telfer.

SOURCE Groia

For further information:

Joseph Groia, Groia & Company, 416-203-4472

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Groia & Company

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