| THE SECURITIES ACT | ) |
Order No. 3778 |
) |
||
| Section 148 and 19(5) | ) |
June 5, 2002 |
JOHN FRIESEN also known as
JOHN "THRASHER" FRIESEN
and FUTRONICS INC.
WHEREAS:
(A) By Order No. 3677 dated March 6, 2002, The Manitoba Securities Commission ("Commission") ordered that Order No. 3665 be extended such that, pursuant to section 148 of The Securities Act (the "Act"), the prohibition on trading in the securities of Futronics Inc. ("Futronics") be extended to and including June 6, 2002 and as to John Friesen also known as John "Thrasher" Friesen ("Friesen"), pursuant to subsection 19(5) of the Act, the denial of exemptions also be extended to and including June 6, 2002;
(B) By Order No. 3677, the Commission further ordered that the matter be next returnable on June 5, 2002 at 9:00 a.m.;
(C) On June 5, 2002, the Commission heard submissions of counsel for staff of the Commission and submissions of Friesen and of Futronics through Friesen;
(D) The investigation into the matter of securities of Futronics having been traded and may be continuing to be traded in Manitoba to members of the public by Friesen in contravention of the Act continues;
(E) Upon hearing the submissions, the Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED:
1. THAT, pursuant to section 148 of the Act, the prohibition on trading in the securities of Futronics imposed by Order No. 3665 and extended by Order No. 3677 be extended for a period commencing forthwith and continuing up to and including January 15, 2003.
2. THAT, pursuant to subsection 19(5) of the Act, the provision that:
(a) subsections 19(1) and 19(3) of the Act do not, with respect to such of the trades referred to in those subsections, apply to Friesen; and
(b) subsection 19(2) of the Act does not, with respect to such of the securities referred to in that subsection, apply to Friesen,
as imposed by Order No. 3665 and extended by Order No. 3677 be extended for a period commencing forthwith and continuing up to and including January 15, 2003.
3. THAT, this matter be next returnable before the Commission on January 15, 2003 at 9:00 a.m..
BY ORDER OF THE COMMISSION
Director, Legal and Enforcement