Jose L. Castaneda found guilty

TORONTO – On October 24, 2007, Judge Fairgrieve of the Ontario Court of Justice found Jose L. Castaneda guilty on two counts of contravening the Ontario Securities Act. Mr. Castaneda was found guilty of one count of unregistered trading and one count of trading in securities while subject to a cease-trade order issued by the Ontario Securities Commission (OSC). In addition, Mr. Castaneda was found guilty of one count of fraud over $5000, pursuant to the Criminal Code.

Following submissions on sentencing made by counsel for the OSC and the Assistant Crown Attorney, a pre-sentence report has been ordered. Sentencing has been adjourned until 10:00 a.m. on January 14, 2008, and will take place at Old City Hall, located at 60 Queen Street West, Toronto.