TORONTO, Sept. 27, 2012 /CNW/ - A panel of the Ontario Securities Commission today released its Reasons for Decision on Sanctions and Costs against Marlon Gary Hibbert, Ashanti Corporate Services Inc., Dominion International Resource Management Inc., Kabash Resource Management and Power To Create Wealth Inc. (the "Respondents").
In its Decision on the Merits, released April 4, 2012, the Commission found that Hibbert misled Staff and perpetrated a fraud on investors. The Commission also found that the Respondents traded in securities and acted as advisors without registration, engaged in an illegal distribution of securities and acted contrary to the public interest.
In today's decision, the OSC panel observed that Hibbert engaged in an ongoing course of deceitful and fraudulent conduct designed to personally enrich Hibbert at the expense of innocent investors.
Accordingly, the panel made protective orders permanently removing the Respondents from the Ontario capital markets and permanently banning Hibbert from acting as a director or officer in the securities industry. The OSC panel further ordered Hibbert disgorge the amount of $4,672,779.98 which the Respondents obtained as a result of their non-compliance with Ontario securities law, pay an administrative penalty of $750,000 and pay costs of $200,000 to the Commission.
A copy of the Reasons for Decision on Sanctions and Costs and the Reasons and Decision on the Hearing on the Merits are available on the OSC website at www.osc.gov.on.ca.
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
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