Ontario Securities Commission Findings Against Rene Pardo Set Aside by Divisional Court

TORONTO – On November 10, 2011, the Ontario Superior Court of Justice (Divisional Court) made an order overturning the findings and sanctions of the Ontario Securities Commission against Rene Pardo in the September 7, 2010 and January 26, 2011 decisions and orders of the OSC.

The Endorsement by the Court further provided that the OSC would convene a new panel to review and consider either the September 29, 2009 settlement agreement between Mr. Pardo and OSC Staff, or another settlement agreement agreed to by the parties.

A hearing to review and consider a settlement agreement between Mr. Pardo and Staff has not yet been scheduled.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at www.osc.ca.

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