Abraham Herbert Grossman, Hanoch Ulfan and Maitland Capital Limited Convicted in the Ontario Court of Justice of Breaching Ontario Securities Act

TORONTO – Justice Sparrow of the Ontario Court of Justice has found Abraham Herbert Grossman, Hanoch Ulfan and Maitland Capital Limited (collectively the “Defendants”) guilty on 10 counts of breaching Ontario securities law. The convictions arise from allegations that the Defendants operated what is referred to in the securities industry as a “boiler room”, which they used to sell shares of Maitland Capital Ltd. to investors.

The sentencing hearing is scheduled for May 4, 2011 at 10:00 a.m. at Old City Hall, 60 Queen Street West, Toronto, Ontario.

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 investor materials available at http://www.osc.ca.

 

-30-