The Ontario Securities Commission has ordered a hearing into alleged violations of the Securities Act by executives of
The Commission alleges that the couple who serve as Lydia’s chairman and president, Jurgen and Emilia von Anhalt, sold shares in Lydia without being registered to trade in securities and without being exempt from registration requirements.
The Commission also alleges that Lydia shareholder Fran Harvie traded and distributed shares without proper registration and that she received an undisclosed commission for selling Lydia shares.
The Commission is seeking orders that the von Anhalts and Harvie cease trading in Lydia shares and be prohibited from acting as directors or officers of companies registered as reporting securities issuers in Ontario. It is also seeking costs.
Lawyers for the company and the von Anhalts say they had made previous offers to settle with the Commission before the hearing was scheduled (for May 21). The company went public in August 2000 in a reverse-takeover of Acadia Minerals; the Commission did not block the reverse-takeover, though the trading issues were outstanding at the time of the transaction.
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