The Ontario Securities Commission is extending a temporary order prohibiting Hamilton-based developer Harry Stinson from selling securities for his Buffalo hotel project until 4:30 pm on July 6, 2022.
Stinson’s lawyers will return to the OSC Tribunal on July 6 for a second appearance hearing regarding allegations that Stinson and his associated companies violated the Ontario Securities Act by making “false or misleading statements to investors,” and improperly transferring investor funds intended for Stinson’s Buffalo Grand Hotel project into other projects and accounts controlled by Stinson.
Stinson refutes the allegations. His lawyers are reviewing OSC documents that were disclosed to them on February 23.
Both the OSC and lawyers for Stinson agreed to a second appearance.
During the interim, the OSC will consider a forthcoming motion to carve out an exception to the order regarding “any investors turning the age of 71 in this calendar year” to allow for the “transfer or conversion” of their assets in the project related to personal circumstances that were not detailed during today’s hearing.
OSC staff indicated they will not oppose the carve-out, but at this time will not provide consent. A legal distinction.
OSC Tribunal Vice-Chair Timothy (Tim) Moseley, presiding over today’s hearing, encouraged both sides to negotiate the carve-out as the Tribunal prefers to consider a consent motion.
Today’s hearing adjourned after approximately 20 minutes.