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THE SECURITIES ACT |
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Order No. 6528 |
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Section 148.1(1) |
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May 16, 2012 |
OLAV KENNETH GILLESHAMMER
WHEREAS:
(A) On May 11, 2012, The Manitoba Securities Commission ("Commission") issued a Notice of Hearing ("NOH") giving notice of its intention to hold a hearing (“Proceedings”) to consider whether it was in the public interest to grant orders under The Securities Act (“Act”) with respect to Olav Kenneth Gilleshammer (“GILLESHAMMER”);
(B) Staff of the Commission and the respondent entered into a Settlement Agreement (a copy of which is attached as Schedule “A”) dated May 11, 2012 (“Settlement Agreement”), which proposed settlement of the Proceedings, subject to the approval of the Commission;
(C) The respondent has consented to the issuance of this Order and has waived his rights to a full hearing;
(D) On May 16, 2012, the Commission held a hearing (“Settlement Hearing”) to consider whether or not to approve the Settlement Agreement;
(E) The Commission is of the opinion that it is in the public interest to make this order.
IT IS ORDERED:
1. THAT the Settlement Agreement, Schedule “A”, be and the same is hereby approved.
2. THAT pursuant to subsection 148.1(1) of the Act, GILLESHAMMER pay an administrative penalty of $4,000.00 to be paid in three instalments as follows:
(a) first instalment of $2,000.00 to be paid within 2 days of the date of this Order;
(b) second instalment of $1,000.00 to be paid no later than July 31, 2012, and;
(c) third instalment of $1,000.00 to be paid no later than September 30, 2012.
3. THAT GILLESHAMMER undertakes to the Commission that he will not place any trades on any accounts with any firm within thirty (30) minutes of the close of any trading day, nor will he cause anyone on his behalf to do so.
4. THAT GILLESHAMMER undertakes to the Commission that within two days of approval of the Settlement Agreement by the Commission he will provide a copy of the Settlement Agreement to the authorized official of record for his employing mortgage broker under The Mortgage Brokers Act.
5. THAT GILLESHAMMER pay to the Commission costs in the amount of $500.00 to be paid forthwith.
BY ORDER OF THE COMMISSION
Deputy Director