TORONTO, Sept. 27, 2012 /CNW/ - A panel of the Ontario Securities
Commission today released its Reasons for Decision on Sanctions and
Costs against Marlon Gary Hibbert, Ashanti Corporate Services Inc.,
Dominion International Resource Management Inc., Kabash Resource
Management and Power To Create Wealth Inc. (the "Respondents").
In its Decision on the Merits, released April 4, 2012, the Commission
found that Hibbert misled Staff and perpetrated a fraud on investors.
The Commission also found that the Respondents traded in securities and
acted as advisors without registration, engaged in an illegal
distribution of securities and acted contrary to the public interest.
In today's decision, the OSC panel observed that Hibbert engaged in an
ongoing course of deceitful and fraudulent conduct designed to
personally enrich Hibbert at the expense of innocent investors.
Accordingly, the panel made protective orders permanently removing the
Respondents from the Ontario capital markets and permanently banning
Hibbert from acting as a director or officer in the securities
industry. The OSC panel further ordered Hibbert disgorge the amount of
$4,672,779.98 which the Respondents obtained as a result of their
non-compliance with Ontario securities law, pay an administrative
penalty of $750,000 and pay costs of $200,000 to the Commission.
A copy of the Reasons for Decision on Sanctions and Costs and the
Reasons and Decision on the Hearing on the Merits are available 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.
SOURCE: Ontario Securities Commission
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