Released on November 16, 2011
Saskatchewan Financial Services Commission (SFSC) issued reciprocal orders under The Securities Act, 1988 (the Act) against Troy Metz and Dallas Robinson on November 14, 2011. Metz is a resident of Regina and former President and Chief Operating Officer of Prime Time Group Inc. (Prime Time). Robinson is a former Saskatchewan resident and Chief Executive Officer of Prime Time. He is now living in B.C. but continues to have business ties to Saskatchewan.
The reciprocal orders are based on orders issued by the U. S. Securities and Exchange Commission (the SEC). The SEC had alleged that Prime Time, Metz and Robinson participated in the dissemination of false and misleading press releases to the public concerning, among other things, Prime Time's acquisition and ownership interest in a convenience store franchise in Puerto Rico, agreements the company purported to have with wireless businesses and purported acquisitions contrary to the Securities and Exchange Act.
Both Metz and Robinson agreed to enter into a final judgment with the SEC on the condition that they were not admitting to or denying allegations in the complaint against them.
Based on an application from staff of SFSC, the commission issued an order pursuant to subsection 134(1.1) of the Act against Robinson that:
- he cease trading in all securities and exchange contracts in Saskatchewan;
- he cease advising with respect to all securities, trades or exchange contracts in Saskatchewan; and
- the exemptions in Saskatchewan securities laws do not apply to him.
The commission also issued an order against Metz that the exemptions under Saskatchewan securities laws do not apply to him until August 9, 2013, unless he is registered under the Act as an exempt market dealer or as a representative of an exempt market dealer.
"We gave notice to both Metz and Robinson that staff intended to apply to the commission under subsection 134(1.1) of the Act for reciprocal orders against them based on orders made by the SEC," SFSC Director of Securities Division Barbara Shourounis said. "In the notice we informed them that they had the right to make representations to the commission.
"Mr. Metz responded to our notice, and we entered into a settlement agreement in which he consented to the terms of the reciprocal order against him. Mr. Robinson did not respond to our notice, and the commission therefore issued an order on the terms that staff requested.
"We are careful not to impose needless restrictions on business. In this case it was deemed to be in the best interest of the marketplace and residents of Saskatchewan that we protect them by reciprocating the SEC's orders. Use of reciprocal orders demonstrates our commitment to strengthening co-ordination of enforcement efforts."
The Orders and Settlement Agreement can be found on SFSC's website at http://www.sfsc.gov.sk.ca/Metz-Troy
http://www.sfsc.gov.sk.ca/Robinson-Dallas
About Saskatchewan Financial Services Commission
Saskatchewan Financial Services Commission (SFSC) protects consumer and public interests and supports economic well-being through responsive marketplace regulation. We protect Saskatchewan consumers by regulating financial products and service providers in an effective, efficient and balanced manner.
For more information on the SFSC and their regulatory responsibilities, please visit www.sfsc.gov.sk.ca.
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For more information, contact:
Jennifer Anderson
Saskatchewan Financial Services Commission
Regina
Phone: 306-798-4160
Email: Jennifer.anderson2@gov.sk.ca