TORONTO, Feb. 7, 2012 /CNW/ - Ian Telfer categorically denied the
allegations made by the OSC in its statement of allegations released
"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.
For further information:
Joseph Groia, Groia & Company, 416-203-4472