Superintendent of Financial Services
surintendant des services financiers
REGARDING FIRST LONDON SAVINGS & LOANS INC. a.k.a. FIRST LONDON SAVINGS AND LOANS, AND ROBERT VANIER AND REGARDING THE LOAN AND TRUST CORPORATIONS ACT, R.S.O. 1990, CHAPTER L.25 (“the Act”) AND REGARDING AN APPLICATION FOR AN ORDER OF THE SUPERINTENDENT OF FINANCIAL SERVICES PURSUANT TO SECTION 192 OF THE ACT
TEMPORARY 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 is of the opinion that First London Savings & Loan Inc., also known as First London Savings and Loans, (“FLSL”) and Robert Vanier (“Vanier”) are not complying with the requirements of section 213 of the Act for the following reasons: 1. FLSL is not a registered loan or trust corporation under the Act or under the federal equivalent; FLSL is conducting, undertaking or transacting in Ontario the business of a loan corporation by borrowing money from the public by receiving deposits and lending or investing such money, in contravention of subsection 213(1) of the Act; FLSL is soliciting the business of a loan corporation by inviting the public to lend money to FLSL by depositing such money with FLSL, which FLSL will lend or
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invest, in contravention of subsection 213(6) of the Act; 4. Vanier is causing, authorizing or permitting FLSL to conduct, undertake or transact in Ontario the business of a loan or trust corporation by receiving deposits and lending or investing such money, in contravention of subsection 213(1). Vanier is causing, authorizing or permitting FLSL to solicit the business of a loan corporation by inviting the public to lend money to FLSL by depositing such money with FLSL, which FLSL will lend or invest, in contravention of subsection 213(6) of the Act;
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Subsection 192(3) provides that where in the opinion of the Superintendent the interests of the depositors or the public may be prejudiced or adversely affected by any delay in the issuance of a permanent order, the Superintendent may make a temporary order which shall take effect immediately on its making and which shall become permanent on the fifteenth day after its making unless within that time a hearing before the Superintendent is requested. As FLSL may be continuing to solicit and/or accept deposits from the public, the Superintendent is of the opinion that the interests of the depositors or the public may be prejudiced or adversely affected by any delay in the issuance of a permanent order.
THE SUPERINTENDENT HEREBY ORDERS THAT: 1. FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL or Vanier 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; FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL or Vanier shall cease soliciting the business of a loan corporation by inviting the public to lend money to FLSL, by depositing such money with FLSL, which FLSL will lend or invest; FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL or Vanier 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 investors, the amounts received from each investor, the bank accounts where all the deposits are invested, and all such other records and documents as are requested; FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL or Vanier shall not destroy, discard or in any way relinquish control of any business
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records or any other documents in any way related to FLSL; and 5. FLSL, Vanier or any person or corporation acting on behalf of or as agent of FLSL or Vanier shall take all action, or cause all such action to be taken, to preserve all existing funds, deposits, securities or assets and to regain control of any funds, deposits, securities or assets from any person, to refrain from dealing with all such funds, deposits, securities or assets and 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.
TAKE NOTICE that you may within fifteen (15) days of the date of this Order make a request in writing to the Superintendent for a Hearing pursuant to subsection 192(3) of the Act. Your request should be directed to:
Superintendent of Financial Services
Financial Services Commission of Ontario
17th Floor
5160 Yonge Street
Toronto ON M2N 6L9
Attention: Tel: Fax: Rhonda Booth Registrar
416-226-7752
416-226-7750
DATED at the City of Toronto on the 12th day of October, 2004.
___________________ Bryan P. Davies Superintendent of Financial Services
TO:
Robert Vanier 396 Queens Avenue, Suite 103 London Ontario N6B 1X7 First London Savings & Loans & Loans Inc. 396 Queens Avenue, Suite 103 London Ontario N6B 1X7
AND TO: