OSC Panel Issues Sanctions Against Sulja Bros. Building Supplies, Ltd., Petar Vucicevich, Kore International Management Inc., Andrew DeVries, Steven Sulja, Pranab Shah, Tracey Banumas and Sam Sulja for Breaches of the Securities Act

TORONTO, June 30, 2011 /CNW/ - In a decision released today, an Ontario Securities Commission (OSC) panel made its sanctions order in what it found to be a "pump and dump" scheme that used "overwhelmingly positive and false press releases" to deprive investors of over CDN $5.6 million.  In addition to trading, director and officer bans, a total amount of more than $7 million was ordered payable by the respondents.

The Commission Panel ordered that:

  • Petar Vucicevich ("Vucicevich") and Andrew DeVries ("DeVries") pay administrative penalties of $750,000 each for breaches of the Securities Act (the "Act");

  • Vucicevich, DeVries, Kore International Management Inc. ("Kore Canada") and Sulja Bros. Building Supplies, Ltd. ("Sulja Nevada") are jointly and severally liable to disgorge the $5.6 million they obtained from investors;

  • Vucicevich, DeVries Steven Sulja, Sam Sulja, Tracey Banumas ("Banumas") and Pranab Shah ("Shah") cease trading or acquiring securities and to not act as directors or officers of issuers or registrants for periods ranging from five years to permanent bans;

  • Additional administrative penalties were also levied, ranging from $5,000 up to the $750,000 ordered against DeVries and Vucicevich; and

  • The corporate Respondents permanently cease trading or acquiring securities.

In its earlier decisions, Vucicevich and DeVries were found to have breached ss. 25(1)(a), 53(1) and 126.1(b) of the Act. Steven Sulja and Sulja Nevada breached s. 126.2(1) of the Act.  Sam Sulja, Banumas, Shah and Kore Canada were found to have breached s. 126.1(a) of the Act. The panel found that all Respondents acted contrary to the public interest.

The sanctions hearing for all Respondents was held on November 30, 2010. A copy of the Reasons and Decision on Sanctions in this matter is available on the OSC website at www.osc.gov.on.ca. The Commission released two separate judgements on the merits regarding different Respondents on October 28, 2010; a third was released May 25, 2011.

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

For further information:

For Media Inquiries:

Wendy Dey
Director, Communications & Public Affairs

Carolyn Shaw-Rimmington
Manager, Public Affairs

Dylan Rae
Media Relations Specialist

For Investor Inquiries:  

OSC Contact Centre
1-877-785-1555 (Toll Free)


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