REGARDING THE LOAN AND TRUST CORPORATIONS ACT, R.S.O. 1990, CHAPTER L.25 (“the Act”)
AND REGARDING DIGITAL WORLD FINANCIAL INC., AND JOSEPH SIMON LACROIX, ALSO KNOWN AS JOSEPH SIMON
AND REGARDING AN APPLICATION FOR ORDERS OF THE SUPERINTENDENT OF FINANCIAL SERVICES PURSUANT TO SECTIONS 192 AND 206 OF THE LOAN AND TRUST CORPORATIONS ACT
PERMANENT CEASE AND DESIST ORDER
Section 192 of the Loan and Trust Corporations Act, R.S.O. 1990 Chapter L.25, (the “Act”) as amended, provides that where, in the opinion of the Superintendent, a registered corporation or other person is committing any act or pursuing any course of conduct that does not comply with the Act or the regulations, or might reasonably be expected, if continued, to result in a state of affairs that would not be in compliance with the Act or the regulations, or constitutes a practice which might prejudice or adversely affect the interests of depositors, the Superintendent may make a temporary order ordering the registered corporation or other person to cease doing any act or to cease pursuing any course of conduct identified by the Superintendent or to perform such acts as in the opinion of the Superintendent are necessary to remedy the situation.
The Superintendent issued a temporary order under subsection192(3) of the Act on November 30, 2004. Under subsection 192(3) of the Act, the temporary order which the Superintendent issued on November 30, 2004 became permanent on December 15, 2004 because DWF and LaCroix did not request a hearing before the Superintendent.
THE SUPERINTENDENT HEREBY ORDERS THAT:
1. DWF, LaCroix or any person or corporation acting on behalf of, or as agent of, DWF or LaCroix, shall cease conducting, undertaking or transacting in Ontario the business of a loan corporation by receiving deposits from the public and lending or investing such money;
2. DWF, LaCroix or any person or corporation acting on behalf of or as agent of DWF or LaCroix shall deliver up to a representative of the Superintendent copies of all business records including but not limited to, lists of the names of all depositors, the amounts received from each depositor, the bank accounts where all the deposits are invested, and all such other records and documents as are requested; and
3. DWF, LaCroix or any person or corporation acting on behalf of or as agent of DWF or LaCroix shall take all action, or cause all such action to be taken, to preserve all existing funds, deposits, securities or assets of DWF and LaCroix, and to regain control of any funds, deposits, securities or assets of DWF and LaCroix from any person, to hold all such funds, deposits, securities or assets in trust for the Superintendent pending further Order of the Superintendent, the Financial Services Tribunal, or the Superior Court of Justice.
DATED at the City of Toronto on the day of December, 2004.
Bryan P. Davies
Superintendent of Financial Services
Joseph Simon LaCroix & Digital World Financial Inc. at:
2300 Yonge St, PO Box 67015
Toronto ON M4P 3C8
Fax: (416) 486-8683