TORONTO, Jan. 14, 2020 /CNW/ - The Ontario Securities Commission (OSC) today announced that James Stuart Adams of Toronto, Ontario, has been charged with one count of breaching an order under section 122(1)(c) of the Securities Act.
Mr. Adams is alleged to have breached a March 2015 Commission order, which banned him from serving as a director or officer of any issuer for five years. Mr. Adams is alleged to have continued his role as officer of Integral Transfer Agency Inc. ("ITA"). Mr. Adams is also linked to Vybe Networks Inc. ("Vybe"), BizToolz Network Inc. ("BizToolz") and Excelsior Solutions Corporation ("Excelsior").
On March 5, 2015, Mr. Adams entered into a settlement agreement with the OSC in which he admitted to violating Ontario securities law and agreed to sanctions including the ban from acting as a director or officer of an issuer. He admitted to perpetrating a fraud on investors who purchased securities of A25 Gold Producers Corp. ("A25"), and also confirmed that he illegally traded and distributed A25 securities, made inaccurate, incomplete, and/or misleading statements, and acted contrary to the public interest.
Mr. Adams is scheduled to appear in court on this matter on February 5, 2020, at 11 a.m. in Courtroom #111 at the Ontario Court of Justice, Old City Hall Courthouse at 60 Queen Street West, Toronto, Ontario.
Any investors who were solicited by Adams and/or representatives of ITA, Vybe, BizToolz and/or Excelsior should contact the OSC's Contact Centre at 1-877-785-1555 (Toll Free) or [email protected].
This investigation was conducted by Staff within OSC Enforcement who investigate quasi-criminal and criminal offences relating to securities, including investigating alleged recidivists. Quasi-criminal charges are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
To date, OSC Enforcement has pursued 47 quasi-criminal or criminal matters involving 66 accused.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.
SOURCE Ontario Securities Commission