LONDON and TORONTO, April 13, 2015 /PRNewswire/ --
Former Merchant Banker Jacob Gornitzki has been cleared of allegations of tipping and conduct contrary to the public interest in an OSC case against Eda Agueci et al.
In 2012, OSC Staff made allegations of tipping and insider trading, among other things, in relation to five issuers. The case included 11 respondents, one of whom settled before the start of the hearing. The allegations against Jacob Gornitzki related to only one issuer- NU Energy Uranium Corporation.
After three years, on February 11, 2015, an OSC Panel dismissed all allegations against Jacob Gornitzki, and all allegations of improper trading by other respondents in respect of NU Energy (as shown below in the excerpts from the OSC decision).
"It all started more than 3 years ago when I thought I was helping an OSC investigation relating to a well known Toronto securities firm," says Jacob Gornitzki. "However, it turned into a nightmare - both professionally and personally - and tarnished a good name that had been built up over many years. In a system that's supposed to be 'innocent until proven guilty', it seems it's the other way around. I wonder why the OSC publishes the name of respondents who are not registrants at the time when allegations are made in cases, which rely on circumstantial evidence. The other issue that bothers me is that one can't recover legal costs if allegations are dismissed, like they were against me. Regardless, I'm grateful and relieved this matter is now over for me and that justice has finally been served."
(a) the Panel is not satisfied that on or before April 16, 2007 Gornitzki advised Agueci of the Nu Material Facts, contrary to subsection 76(2) of the Act or the public interest. Accordingly, the Panel does not find that Agueci informed Wing, Iacono, Raponi, Fiorillo or Fiorini of the Nu Material Facts or that Iacono informed Serpa of those facts, contrary to subsection 76(2) of the Act or the public interest. Similarly, the Panel cannot conclude that Agueci, Wing, Iacono, Raponi, Fiorillo, Fiorini or Serpa traded with knowledge of the Nu Material Facts, contrary to subsection 76(1) of the Act or the public interest;
(b) the Panel is not satisfied that Gornitzki's possible recommendation of Nu as a good stock represents conduct contrary to the public interest.
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SOURCE The Press Office of Jacob Gornitzki