Norshield hearing delayed until April

Date: Wednesday, January 17, 2007

The Ontario Securities Commission will hold its next hearing on allegations against Norshield on April 4, 2007. Counsel for the respondents provided the regulator with a status report on the case earlier this week.

Hedge fund manager John Xanthoudakis and two other Norshield officers could face fines of up to $1 million each on charges of breaching securities law and conduct contrary to the public interest.

Norshield and its fund arm, Olympus United Group, have been under a trading suspension since May 2005. Allegations against the firm include failure to keep proper records, filing a misleading offering memorandum, misleading OSC staff and acting against the best interests of investors.