| THE SECURITIES ACT | ) |
Order No. 5938 |
) |
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| Section 148, 19(5) and 148.3 | ) |
June 10, 2009 |
MOMENTAS CORPORATION, HOWARD RASH, and ALEXANDER FUNT
WHEREAS:
(A) On July 23, 2007, the Ontario Securities Commission ("OSC") issued an order ("OSC Order") against Momentas Corporation, Howard Rash ("RASH") and Alexander Funt ("FUNT");
(B) On March 11, 2009, The Manitoba Securities Commission ("Commission") issued a Notice of Hearing ("Notice") giving notice of its intention to hold a hearing to consider whether or not it was in the public interest to grant orders pursuant to section 148.4 of The Securities Act, R.S.M. 1988, c. S50 as amended ("Act") with respect to Momentas Corporation, RASH and/or FUNT;
(C) On April 8, 2009, staff of the Commission appeared before a panel to request an order pursuant to section 144(1) as to service upon Momentas Corporation;
(D) On April 8, 2009, Order No. 5886 issued, providing for service upon Momentas Corporation via registered mail upon RASH or FUNT and adjourning the hearing to June 10, 2009 at 9:00 a.m.;
(E) On June 10, 2009, the hearing as against Momentas Corporation, RASH and FUNT proceeded before a panel of the Commission;
(F) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission, no one appearing for the respondents, and upon reviewing the Affidavits of Service, filed, and being satisfied as to service upon the respondents, 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, Momentas Corporation, RASH and FUNT cease trading in securities permanently.
2. THAT, pursuant to subsection 19(5) of the Act, subsection 19(1) of the Act, with respect to such of the trades referred to in that subsection, and subsection 19(2) of the Act, with respect to such of the securities referred to in that subsection, do not apply to Momentas Corporation, RASH and FUNT permanently.
3. THAT, pursuant to section 148.3 of the Act, RASH and FUNT resign from any positions they hold as an officer or director of any issuer and be permanently prohibited from becoming or acting as a director of any issuer.
BY ORDER OF THE COMMISSION
Director, Legal and Enforcement