TORONTO, Oct. 31 /CNW/ - On October 17, 2008, the Ontario Securities
Commission (OSC) filed an application with the Superior Court of Justice
seeking an order appointing a receiver and manager of all the property and
assets of ASL Direct Inc. (ASL). ASL is registered with the Commission as a
Mutual Fund Dealer and a Limited Market Dealer, and is a member of the Mutual
Fund Dealers Association of Canada (MFDA).
This matter will be heard before the Superior Court of Justice,
330 University Avenue, Toronto, on Tuesday, November 4, 2008 at 10:00 a.m.
Under section 129 of the Securities Act, the Commission may apply to the Court
for an order appointing a receiver and manager where it is in the best
interests of, among others, security holders or subscribers of the company
over which the receiver and manager is appointed, or where it is appropriate
for the due administration of Ontario securities law.
On April 22, 2008, the OSC issued Temporary Cease Trade Orders respecting
ASL, Adrian Leemhuis (Leemhuis), and Future Growth Group of Funds (Future
Growth). Those Orders have been extended to December 1, 2008 and were obtained
in the course of investigations conducted by staff of the OSC, the Autorité
des marchés financiers (Québec) and the MFDA. The MFDA has initiated its own
proceeding against ASL and Leemhuis.
Clients of ASL who may have questions concerning their investments
through ASL should direct their enquiries to the MFDA at 416-943-4602.
Copies of the Temporary Cease Trade Orders respecting ASL, Leemhuis and
Future Growth are available on the OSC's website (www.osc.gov.on.ca).
The OSC would like to acknowledge the cooperation and assistance of the
MFDA in this matter.
For further information:
For further information: For media inquiries: Wendy Dey, Director,
Communications & Public Affairs, (416) 593-8120; Laurie Gillett, Manager,
Public Affairs, (416) 595-8913; Carolyn Shaw-Rimmington, Assistant Manager,
Public Affairs, (416) 593-2361; For investor inquiries: OSC Contact Centre,
(416) 593-8314, 1-877-785-1555 (Toll Free)