Court dismisses appeals of OSC’s Norshield rulings
No evidence that Xanthoudakis and Smith were denied a fair hearing by the OSC panel
An Ontario court has dismissed two appeals of the two principal managers of Norshield Asset Management in respect of two decisions by the Ontario Securities Commision, the OSC said Thursday.
In August 201, the OSC ordered former CEO John Xanthoudakis and former president Dale Smith to pay $4.3 million for misleading investors.
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The Superior Court of Justice (Divisional Court) ruled on the appeals on earlier this week.
In ruling on the first appeal, the court upheld the OSC panel’s Feb. 3, 2009, decision to reject a motion seeking a stay of the OSC proceeding. In its analysis, the court found “no reasonable apprehension of bias” to support the claims of Xanthoudakis and Smith.
In ruling on the second appeal, the court found the OSC’s decision was “careful, comprehensive and complete and that there was no basis on which any finding could be made” that Xanthoudakis and Smith were denied a fair hearing by the OSC panel.