|
Crossroads Pleased OSC Hearing Brings Closure to 15-Month OrdealRegulator Concludes Mainse Brothers “Not party to the fraud”BURLINGTON, ONTARIO – August 13, 2010. – Yesterday, the Ontario Securities Commission issued a notice of hearing and statement of allegations relating to a fraudulent investment fund scheme targeting the Canadian faith community, orchestrated by Gordon Driver, which was exposed by the security regulators in May, 2009. Ron Mainse, currently on the leadership team at Crossroads, and Reynold Mainse and David Rutledge, formerly associated with Crossroads had, on a personal basis, invested in the fund, informed family and friends about the fund and were offered a share of Mr. Driver’s profits. They were unaware that the enhanced returns Mr. Driver claimed to realize were, in fact, based on the alleged fraudulent investment scheme. In yesterday’s statement the OSC clearly concluded that they “were not party to the fraud”. During the summer of 2009 a thorough, independent financial audit initiated by the Crossroads Board of Directors confirmed that no Crossroads ministry activity nor any of its funds were in any way involved. In a nationally televised interview last October on 100 Huntley Street, Ron Mainse openly talked of how he had naively placed his trust in Mr. Driver, whom he had considered a family friend, and did not exercise sufficient due diligence about the supposed investment. Further, he had not appreciated that the receipt in any form of compensation from Mr. Driver was a breach of the Securities Act. Ron has cooperated fully with staff of the Ontario Securities Commission and has entered into an agreement that was approved at a hearing today, bringing appropriate closure to the matter. The agreement immediately resolves the Commission’s allegations by acknowledging Ron’s mistake, abiding by an appropriate sanction and completely reimbursing any compensation received. Unfortunately, the faith community can be easily taken advantage of because it highly values trust in relationships. This situation underscores the need for greater awareness and diligence to avoid vulnerability. Crossroads hopes this terrible experience, now concluded, can be used as a caution to others. For further information on this release contact: Rob Reed, Media Relations Crossroads Christian Communications Inc. PH: 905 332-6400 ext 3307 E-mail: rreed@crossroads.ca P.O. BOX 5100, 1295 North Service Road Burlington, Ontario, Canada L7R 4M2 About Crossroads Christian Communications Inc. (CCCI) Crossroads is Canada’s leader in providing faith and values media content for people of all ages. 100 Huntley Street, the flagship television program of CCCI was founded by Rev. David Mainse and is the longest running daily Christian television program in Canada. Crossroads provides relevant messages of faith and inspiration for millions of Canadians and has done so for nearly 50 years. Its mission is to convey the unchanging message of God’s love to people around the world. Crossroads interacts with its viewers via 24/7 prayer lines, and outreaches to children through eight Circle Square Ranch camps across Canada. Crossroads has also been a highly respected and effective not-for-profit aid agency for over 25 years, having responded in times of natural disaster worldwide, raising funds and partnering with on-site, non-government organizations for emergency relief and long-term rebuilding strategies. www.crossroads.ca
|
 Find Peace with God PRAYER CENTRE Request Prayer Online SUPPORT US Request Your Copy More Offers ... VOLUNTEER WITH US Volunteer Opportunities
|
