The Ontario Securities Commission has filed an application with the Superior Court of Justice seeking an order appointing a receiver and manager of all the property and assets of New Life Capital Corp. New Life is registered with the OSC as a Limited Market Dealer.

The matter will be heard before the Superior Court of Justice in Toronto on Nov. 18, the OSC announced on Tuesday.

The application follows a temporary cease trade order against New Life, as well as its principals L. Jeffrey Pogachar, Paola Lombardi and Alan S. Price, and a direction freezing New Life’s bank accounts that the OSC imposed in August.

The temporary cease trade order has been extended to Dec. 6, 2008, following an appearance scheduled before the commission on Dec. 5.

Staff of the OSC will be seeking to have the temporary cease trade order continued until the conclusion of the hearing.

IE