| THE SECURITIES ACT | ) |
Order No. 5537 |
) |
||
| Section 148 and 19(5) | ) |
November 28, 2007 |
SAXON FINANCIAL SERVICES LTD., SAXON CONSULTANTS, LTD.,
CONRAD PRAAMSMA, TODD YOUNG, and JACK SINNI
WHEREAS:
(A) On July 27, 2007, the New Brunswick Securities Commission (“NBSC”) issued a Cease Trade Order (“NB Order”) against various respondents including Saxon Financial Services Ltd., Saxon Consultants, Ltd., Conrad Praamsma, and Todd Young;
(B) On July 27, 2007, the Saskatchewan Financial Services Commission, Securities Division (“SFSC”) issued an Extending Order (“SFSC Order”) against various respondents including Jack Sinni;
(C) 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 an order pursuant to sections 148 and 19(5) of The Securities Act (“Act”) with respect to Saxon Financial Services Ltd., Saxon Consultants, Ltd., Conrad Praamsma,Todd Young, and/or Jack Sinni;
(D) On November 28, 2007, the hearing commenced before a panel of the Commission;
(E) 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, all trading in securities by Saxon Financial Services Ltd., Saxon Consultants, Ltd., Conrad Praamsma, Todd Young, and Jack Sinni cease.
2. THAT, pursuant to subsection 19(5) of the Act:
(a) subsection 19(1) of the Act does not, with respect to such of the trades referred to in that subsection, apply to Saxon Financial Services Ltd., Saxon Consultants, Ltd., Conrad Praamsma, and Todd Young;
(b) subsection 19(2) of the Act does not, with respect to such of the securities referred to in that section, apply to Saxon Financial Services Ltd., Saxon Consultants, Ltd., Conrad Praamsma, and Todd Young;
such that the exemptions in Manitoba securities laws do not apply to Saxon Financial Services Ltd., Saxon Consultants, Ltd., Conrad Praamsma, and Todd Young.
3. THAT, pursuant to subsection 19(5) of the Act:
(c) subsection 19(1) of the Act does not, with respect to such of the trades referred to in that subsection, apply to Jack Sinni;
(d) subsection 19(2) of the Act does not, with respect to such of the securities referred to in that section, apply to Jack Sinni;
such that the exemptions in Manitoba securities laws do not apply to Jack Sinni, until the Commission is provided with satisfactory information to enable it to make a further order in this matter.
BY ORDER OF THE COMMISSION
Director, Legal and Enforcement