Notice

Edward Sarnecki, former Chief Executive Officer of St. Stanislaus - St. Casimir’s Polish Parishes Credit Union, pleaded guilty to failing to report that the credit union did not meet its liquidity requirements over a significant period of time.

Mr. Sarnecki failed to comply with sections of Ontario Regulation 76/95 under the Credit Unions and Caisses Populaires Act, 1994, that require a credit union to make a report to the Superintendent of Financial Services and the Deposit Insurance Corporation of Ontario where the Credit Union's liquidity level falls below the minimum level for a period of 5 consecutive days.

On September 20, 2005, the court fined Mr. Sarnecki $8,000 and a victim surcharge of $2,000.

Contact:
Anita Sastri
Senior Manager, Market Conduct Compliance
Licensing and Market Conduct Division
asastri@fsco.gov.on.ca