Correction in Respect of Discontinued Proceedings Regarding Patrick Gouveia: Transcript of Proceedings Attached

Correction in Respect of Discontinued Proceedings Regarding Patrick Gouveia:
Transcript of Proceedings Attached

TORONTO – On February 27, 2007, in the matter of R.v. Gouveia before the Ontario Court of Justice, counsel for the Ontario Securities Commission (OSC) asked Justice Shamai to dismiss the charges before the Court.

At the conclusion of his remarks, counsel for the OSC stated “Given the new information that has come to our attention over the last several weeks, and the comprehensive review that we have conducted in light of it, we have determined that the prosecution no longer has a reasonable prospect of conviction”. As a result, the charges were dismissed by Justice Shamai.

The OSC issued a press release later that day in respect of the dismissal of charges. The OSC has been asked to replace the February 27, 2007 press release with a press release containing the full text of the statement made by OSC counsel to the Court. Counsel's statement is contained in its entirety in the Court transcript of proceedings that is available at www.osc.gov.on.ca.

The February 27, 2007 press release has been removed from the OSC website. The OSC is committed to transparency in respect of Court proceedings and regrets any harm or confusion that may have resulted from its earlier press release.

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