|
THE SECURITIES ACT |
) |
Order No. 6654 |
|
|
) |
|
|
Sections 148, 19(5), and 148.3 |
) |
March 6, 2013 |
KENT EMERSON LOUNDS
WHEREAS:
(A) On May 29, 2012, the Ontario Securities Commission (“OSC”) issued an Order against Kent Emerson Lounds (“OSC Order”);
(B) On January 29, 2013, 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 The Securities Act, R.S.M. 1988 c. S50 as amended (“Act”) with respect to Kent Emerson Lounds (“LOUNDS”);
(C) On March 6, 2013, this hearing matter came before a panel of the Commission;
(D) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission, no one appearing for the respondent, and upon reviewing the Affidavit of Service, filed, and being satisfied as to service upon the respondent, 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, LOUNDS 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 LOUNDS permanently.
3. THAT, pursuant to section 148.3 of the Act, LOUNDS resign all positions he may hold as a director or officer of an issuer and be permanently prohibited from becoming or acting as a director or officer of any issuer.
BY ORDER OF THE COMMISSION
Director