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THE SECURITIES ACT |
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Order No. 7363 |
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Sections 144(1), 148, 19(5), and 148.3 |
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July 6, 2016 |
AMERICO DEROSA
WHEREAS:
(A) On June 4, 2014, the Ontario Securities Commission (“OSC”) issued an order against Americo DeRosa (“OSC Order”);
(B) On February 1, 2016, 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 Americo DeRosa (“DEROSA”);
(C) On April 13, 2016, this hearing matter came before a panel of the Commission and was adjourned to May 18, 2016, and subsequently thereafter to June 1, 2016 and July 6, 2016;
(D) Staff have received information that on or about May 6, 2016, the respondent filed a Notice of Appeal in the Court of Appeal for Ontario regarding the OSC Order;
(E) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission, no one appearing for the respondent DEROSA, 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 144(1)(c) of the Act, for so long as the regular mail service for mail out-going from the offices of the Commission continues to be discontinued as a result of procedures in place due to possible Canada Post work stoppage in July 2016, the method of service of the Notice of Hearing upon the respondent be by delivery and, furthermore, the delivery already made to the address of 1347 Line 6, Niagara-on-the-Lake, Ontario, L0S 1J0 be and is hereby validated as constituting service upon the respondent.
2. THAT, pursuant to section 144(1)(c) of the Act, notice of this order to the respondent is sufficient if a copy is sent to the respondent by delivery to the address shown in the paragraph above or, in the event of regular mail service having been restored, by regular mail to the respondent at said address or such other address as may then be known by staff of the Commission.
3. THAT, pursuant to section 148 of the Act, DEROSA cease trading in securities until and including June 4, 2024.
4. 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 DEROSA up to and including June 4, 2024.
5. THAT, pursuant to section 148.3 of the Act, DEROSA resign from all positions he may hold as a director or officer of an issuer and be prohibited from becoming or acting as a director or officer of any issuer up to and including June 4, 2024.
6. THAT, pursuant to subsection 148.4(2) of the Act, in the event of the appeal of the respondent from the OSC Order, or other related proceedings, resulting in a change to, or stay of, any portion of the OSC Order now reciprocated by this order as against the respondent, upon the request of said respondent or staff, this order be reviewed by the Commission as to any variation, substitution, revocation, or other order which may be required, if any.
BY ORDER OF THE COMMISSION
Director