Jory Capital Inc. - Opportunity to be Heard
IN THE MATTER OF THE REGISTRATION OF
JORY CAPITAL INC.
SUSPENSION OF REGISTRATION UNDER SECTION 28
OF THE SECURITIES ACT (ONTARIO)
1. Jory Capital Inc. (Jory) is registered under the Securities Act (Ontario) (the Act) as a dealer in the category of investment dealer.
2. On November 22, 2012, Douglas R. Brown, Director - Registrations of the Manitoba Securities Commission (the MSC), wrote a letter (the Letter) to Patrick Michael Cooney, who is registered as the ultimate designated person of Jory in the category of investment dealer.
3. The Letter confirmed that Jory’s registration had been suspended by the MSC. The MSC is Jory’s principal regulator.
4. As a result of the Letter, Jory’s registration was also suspended in British Columbia, Alberta and Saskatchewan.
5. The allegations in the Letter raised serious concerns with whether Jory had the requisite solvency of a registered firm under the Act, and whether the directing minds of Jory had the requisite integrity of securities professionals under the Act.
6. It appears to me, in my capacity as Director, that it would be objectionable for Jory to be registered under the Act in light of the allegations raised in the Letter. I am concerned that it would be inconsistent with the OSC’s mandate to provide investor protection and to foster fair and efficient capital markets and confidence in capital markets to permit Jory to remain registered in Ontario.
7. On behalf of staff (Staff) of the Commission, George Gunn, Manager, Registrant Conduct and Risk Analysis, communicated Staff’s recommendation that Jory be suspended in a letter (the Notice) to Mr. Cooney dated November 29, 2012.
8. The Notice advised Jory that they were entitled to an opportunity to be heard before the Director decided to accept Staff’s recommendation. Jory did not respond to the Notice within the time period set out in the Notice for requesting an opportunity to be heard, and has still not responded to the Notice.
9. My decision is that the registration of Jory be suspended, effective immediately.
December 6, 2012“Erez Blumberger”
Compliance and Registrant Regulation Branch