Atlantia SpA. In adverse situations, the Fund s may incur substantial loss. Iberdrola SA. The tax character of distributions paid during the period ended September 30, was as follows:. The prospectus contains this and other important information about the Fund.
Recent Conferences Reported On
By Notice of Hearing dated November 22,the Ontario Securities Commission the «Commission» announced that it proposed to hold a hearing, pursuant to sections and The Notice of Hearing was issued in connection with the allegations as set out in the Statement of Allegations of Staff of the Commission «Staff» dated November 22, The Commission will issue a Notice of Hearing to announce that it will hold a hearing to consider whether, pursuant to section of the Act, it is in the public interest for the Commission to approve this Settlement Agreement and to make certain orders in respect of Sunderji. Staff agree to recommend settlement of the proceeding initiated by the Notice of Hearing dated November 22, against Sunderji the «Proceeding» in accordance with the terms and conditions set out. Sunderji consents to the making of an order in rare investments ltd form attached as Schedule «A», based on the facts set out. Sunderji agrees with the facts set out in this Part III. To the extent Sunderji does not have direct personal knowledge of certain facts as described below, Sunderji believes the facts to be true and accurate.
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Distributions
By Notice of Hearing dated November 22,the Ontario Securities Commission the «Commission» announced that it proposed to hold a hearing, pursuant to sections and The Notice of Hearing was issued in connection with the allegations as set out in the Statement of Allegations of Staff of invstments Commission «Staff» dated November 22, The Commission will issue a Notice of Hearing to announce that it will hold a hearing to consider whether, pursuant to section of the Act, it is in the public interest for the Commission to approve this Settlement Agreement and to make certain orders in respect of Sunderji.
Staff agree to recommend settlement of the proceeding initiated by the Notice of Hearing dated November 22, against Sunderji the «Proceeding» in accordance with the terms and conditions set out. Sunderji consents to the making of an order raree the form attached as Schedule «A», based on the facts set out lltd.
Sunderji agrees with the facts set out in this Part III. To the extent Sunderji does not have direct personal knowledge of certain facts as described below, Sunderji believes the facts to be true and accurate.
Staff and Sunderji agree that the facts and admissions set out in this Part III and in Part IV for the purpose of this settlement are without prejudice to Sunderji in any other proceedings of any invesyments including, but without limiting the generality of the foregoing, any other proceedings invesments by the Commission under the Act subject to paragraph 35 below or rage civil or other proceedings currently pending or which may be brought by any other person, corporation or agency subject to paragraph 33.
Staff allege that RARE investors advanced funds to the Respondents, who issued promissory notes for investor loans and subsequently lost the money in forex trading or used the funds to repay previous debts unrelated to RARE, thereby engaging in unauthorized trading, illegal distribution infestments a security, and fraudulent conduct in breach of the Act, and conduct contrary to the public.
Dookhie, Sunderji and Todorov are all equal shareholders of RARE, although only Dookhie and Sunderji are identified as directors and officers of the company. During the Material Time, Dookhie worked as an accountant providing accounting services to individuals ltdd small companies, and operated among other jnvestments a tax preparation business known as Liberty Tax Services «Liberty Tax».
Dookhie was registered invesmtents a scholarship plan dealer with the Commission for invesyments sole purpose of selling registered education scholarship plan investments. Dookhie did not invest any of his rqre money in RARE. During the Material Time, Sunderji worked full time in a family business called Grey Tech Computers which sold computer hardware. Sunderji has never been registered with the Commission.
Sunderji did not invest any of his own money in RARE. Todorov has never been registered with the Commission. Todorov did not invest any of his own money in RARE.
Sunderji did not introduce any investors to RARE though he was present at Dookhie’s meetings with certain of. Dookhie oversaw the day to day operations of Investmeents from his business office. Dookhie received the monthly bank account statements. Dookhie wrote cheques on the accounts, paid investors and created written materials promoting RARE. Dookhie is a director and the president of RARE. Dookhie met with all of the RARE investors. Sunderji is a director and is listed in incorporation documents as the treasurer of RARE, though he did not act as.
Sunderji’s responsibilities were limited to overseeing Dookhie, and ensuring that investors funds were deposited and monthly interest cheques were written. Sunderji fulfilled his responsibilities by asking Dookhie what he had. Sunderji made no inquiries beyond accepting Dookhie’s representations, and did not examine RARE’s bank records or the ODL fare accounts to verify investmens he was being told. On occasion, Sunderji met with investors. Sunderji occasionally did trading in investents ODL trading account, on the direction of Todorov.
Other than those occasions, Sunderji did not use the ODL trading accounts and did not review them to see what was happening to investors’ monies, although he had a right to do so. Sunderji did not know how the forex trading platform created by Todorov worked, and could not determine by looking at the ODL trading rage statements whether rare investments ltd account held a net positive value. Todorov was RARE’s forex trader and strategist, and created the forex trading program used to trade investors’ funds.
Although only Dookhie and Sunderji were authorized rard trade using the ODL trading account, in actual rarf Todorov did the majority of trading during the Material Time. Todorov worked primarily from his home in Scarborough. On occasion Todorov met with investmejts. Sunderji was ltf of the representations which were. No preliminary prospectus or prospectus was filed with regard to investment in RARE, no receipt was obtained from the Director and no exemption to the prospectus requirement existed.
Of the 14 promissory notes with RARE given to investors in in exchange for their initial investment, Dookhie signed all of them, Sunderji signed 11 and Todorov signed. Sunderji would have known of this misuse of investor knvestments if he had examined RARE’s bank records.
As a result, Dookhie became more involved in trading in the ODL trading accounts onvestments approximately April onward. RARE investors were not informed by Dookhie, Sunderji or Todorov of the loss and were led to believe that their investment was still secure. On May 13,all positions in the ODL trading account were closed because of insufficient funds in the account, and further trading ceased except for attempts by Dookhie to recover losses, using investment own funds.
Beginning in February and continuing to JuneRARE investors with promissory notes were encouraged to ‘rollover’ their investment, at a lesser rate of. New promissory notes were issued, signed by Dookhie. At the time they signed the new promissory notes, RARE investors were not made aware of the extent of the trading losses and rare investments ltd the ODL trading account had been closed.
Sunderji provided Staff with an affidavit outlining his personal circumstances which was filed with the Commission, and which established that as a direct result of his involvement in RARE, Sunderji has experienced severe financial repercussions which has and will affect his ability to earn income and meet his family obligations for the foreseeable future.
Sunderji has requested that the affidavit remain confidential as it contains information concerning his family. Staff supports that request. In addition to his personal circumstances, Sunderji requests that the settlement hearing panel consider the following mitigating circumstances:.
Given the mitigating facts outlined in paragraphs 27 and 28 above, Staff agrees to the terms of settlement set out in paragraph 32. But for Sunderji’s personal circumstances, and his limited role in the investemnts, Staff would be seeking significant monetary rarw for the conduct set out.
Sunderji, investmrnts his conduct described above, traded in securities, namely investment contracts, without being registered to trade in such securities contrary to subsection 25 1 invextments the Act; distributed securities, namely investment contracts, investmets to subsection 53 1 of the Act; and engaged in acts, practices or courses of conduct which he investmennts or reasonably ought to have known perpetrated a fraud on persons contrary to section Sunderji admits and acknowledges that he acted contrary to the public interest by contravening Ontario investmenst law as set out in paragraph 30.
Sunderji agrees to the terms investmentx settlement below and to the Order attached hereto, made pursuant to subsection 1 and section Sunderji undertakes to consent to a regulatory Order made by any provincial or territorial securities regulatory authority in Canada containing any or all of the prohibitions set out in subparagraphs 25 c to i.
These prohibitions and orders may be modified to reflect the provisions of the relevant provincial or territorial securities law. If this Settlement Agreement is approved by the Commission, Staff will not initiate any other proceeding under the Act against Sunderji in relation to the facts set invesments in Part III herein, subject to the provisions of paragraph 35.
If this Settlement Agreement is approved by the Commission, and at any subsequent time Sunderji fails to comply with any of the terms of the Settlement Agreement, Staff may bring proceedings under Ontario securities law against Sunderji. These proceedings may be based on, but are not limited to, the facts set out in Part III of this Settlement Agreement as well as the breach of the Settlement Agreement.
In addition, if this Settlement Agreement is approved by the Commission, and Sunderji fails to comply with the terms of the Settlement Agreement, the Commission is entitled to bring any proceedings necessary to recover the investmente set out in sub-paragraphs 25 jk and l. Approval of this Settlement Agreement will be sought at a hearing of the Commission scheduled on a date to be determined by the Secretary to the Commission, or such other date as may be agreed to by Staff and Sunderji for the scheduling of the hearing to consider the Settlement Agreement.
Staff and Sunderji agree that this Settlement Agreement will constitute the entirety of the agreed facts to be submitted at the settlement hearing regarding Sunderji’s conduct in this matter, unless the parties agree that further facts should be submitted at the settlement hearing. If this Settlement Agreement is approved by the Commission, Sunderji agrees to waive all rights to investmenys full hearing, judicial review or appeal of this matter under the Act.
If this Settlement Agreement is approved by the Commission, neither Staff nor Sunderji will make any public statement that is inconsistent with this Settlement Agreement or inconsistent with any additional agreed facts submitted at the settlement hearing.
Whether or not this Investtments Agreement is approved by the Commission, Sunderji agrees that he will not, in any proceeding, refer to or rely upon this Settlement Agreement or the settlement negotiations as the basis of any attack on the Commission’s jurisdiction, alleged bias or appearance of bias, alleged unfairness or any other remedies or challenges that investmfnts otherwise be available.
If, for any reason whatsoever, this Settlement Agreement is not approved by the Commission or the order attached as Schedule «A» is not made by the Commission:. The terms of this Settlement Agreement will be treated onvestments confidential by all parties hereto until approved by the Commission. Any obligations of confidentiality shall terminate upon approval of this Settlement Eare by the Commission.
The terms of the Settlement Agreement will be treated as confidential forever if the Settlement Agreement is not approved for any reason whatsoever by the Commission, except with the written consent of Sunderji and Staff or as may be required by law.
This Settlement Agreement may be signed in one or more counterparts which together will constitute a binding agreement. A facsimile copy or other electronic copy of any signature will be as effective as an original signature. That investor was given a promissory note signed by Todorov. WHEREAS on March 13,the Commission issued a Notice of Hearing pursuant to section of the Act to announce that it proposed to hold a hearing to consider whether it is in the public interest to approve a settlement agreement entered into between Staff and Sunderji.
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The top stock contributor over the period was Kinder Morgan Inc. Table of Contents Schedule of investments. The Fund concentrates its investments in companies that are engaged in the infrastructure business. Subsequent events have been evaluated through the date the financial statements were issued. Principal occupation s during past five years. The Fund is actively managed. The Fund may invest in real estate investment trusts REITswhich are closely linked to the performance of the real estate markets. No investment advice, tax advice, or legal advice is provided through this website, and you agree that this website will not be used by you for these purposes. Shareholder reports. After evaluation of all material factors, the Board concluded that the approval of each Agreement is in the rare investments ltd interest of the Fund.
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