THE SECURITIES ACT |
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Order No. 6483 |
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Section 148 and 19(5) |
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March 21, 2012 |
WEALTHSTREET INC.
WHEREAS:
(A) On December 7, 2011, the Alberta Securities Commission (“ASC”) issued a Decision against Wealthstreet Inc. (“WEALTHSTREET”) and others;
(B) On February 8, 2012, 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 section 148.4 of The Securities Act, R.S.M. 1988, c. S50 as amended (“Act”) with respect to, among others, WEALTHSTREET;
(C) This hearing matter came before a panel of the Commission on March 21, 2012;
(D) Upon reviewing the documentary evidence and hearing the submissions of counsel for staff of the Commission and upon 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 sections 148 and 19(5) of the Act, trading in securities of and by WEALTHSTREET cease and 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 WEALTHSTREET, permanently, except that this order does not preclude the Trustee in Bankruptcy of WEALTHSTREET from disposing of units in Mosaic Capital Corporation for the sole purpose of realizing the proceeds for the benefit of the WEALTHSTREET estate.
BY ORDER OF THE COMMISSION
Director, Legal and Enforcement