OSC Issues Reasons and Decision and Orders Sanctions in the Matter of Sunwide Finance Inc., et al

    TORONTO, May 29 /CNW/ - A panel of the Ontario Securities Commission
(OSC) today published its Reasons and Decision in a case dealing with
misrepresentations made by Sunwide Finance Inc. (Sunwide) and its
representatives for the sole purpose of obtaining and appropriating monies
from investors through advance fees.
    In concluding that certain of the respondents breached section 25(1)(a)
of the Ontario Securities Act and acted contrary to the public interest, the
OSC panel held that it has a "public interest in ensuring that Ontario capital
markets are not used...to perpetrate sham transactions and to misappropriate
investor funds, wherever those investors may be located. That behaviour
undermines the integrity of Ontario capital markets and their reputation in
the rest of the world for fairness and integrity."
    The Commission ordered sanctions against each of Sunwide, Sun Wide Group,
Sun Wide Insurers, Bryan Bowles, Robert Drury, George Sutton, Lorenzo Romero
and Rafael Pangilinan that include a permanent cease trade in securities; a
permanent prohibition from acquiring any security; a permanent prohibition
from becoming or acting as a director or officer of any issuer, registrant,
investment fund manager or promoter in the province of Ontario; and a
permanent removal of the applicability of the exemptions contained in Ontario
securities law.
    Copies of the Commission's Reasons and Decision and Order for Sanctions
and Costs are available on the Commission's website (www.osc.gov.on.ca).

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)

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