The Ontario Securities Commission has extended its temporary cease trade order against former chairman of Toronto brokerage firm Thomson Kernaghan & Co. Ltd. Mark Valentine.

The new order suspends Valentine’s registration and prohibits him from trading in securities, with certain exceptions, until at least July 31.

In reasons for decision released with the order, the commission ruled that Valentine breached the previous cease trade order by trading in futures contracts in July 2002.

As a result, the OSC has added a reporting requirement for the exempted trades permitted by the order. Valentine must now provide copies of all of his monthly brokerage account statements to Staff of the commission, and close all brokerage accounts not held directly in his name.

Valentine was charged with illicit stock dealings and arrested in Germany August 14, 2002 and then transferred to jail in Miami.

He was released less than six weeks later after he posted a $500,000 personal surety bond and a $30,000 corporate surety bond. He was also ordered to surrender his passport, obey an 11 p.m.-to-6 a.m. curfew, and stay in the greater Miami area.