Decisions
EXCEL ASSET MANAGEMENT INC., et. al. [Decision]
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BCSECCOM #:
2000 BCSECCOM 133
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Document Type:
Decision
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Published Date:
2000-10-13
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Effective Date:
2000-10-13
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Details:
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2000 BCSECCOM 133
COR#00/212
IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418
AND
IN THE MATTER OF EXCEL ASSET MANAGEMENT INC., EXCELL ASSET MANAGEMENT INC., EXCEL FUNDING INC., EXCEL INTERNATIONAL INVESTMENT CORP., DIOMONDMARK INVESTMENTS LIMITED, GARY STANHISER, DEL KNOWLTON AND LINDA KNOWLTON
AND
IN THE MATTER OF THE LOMA TRUST
Order Under Section 174
[para 1]
WHEREAS following a hearing under sections 161 and 162 of the Securities Act, R.S.B.C. 1996, c. 418, into the conduct and affairs of Excel Asset Management Inc., Excell Asset Management Inc., Excel Funding Inc., Excel International Investment Corp., Diomondmark Investments Limited, Gary Stanhiser, Del Knowlton, Linda Knowlton and The Loma Trust, the Commission issued a decision on March 20, 2000, in which it ordered, inter alia, under section 174 of the Act that the prescribed fees or charges for the costs of or related to the hearing incurred by, or on behalf of, the Commission and the Executive Director be paid by:
(a) Stanhiser, as to 75%,
(b) Del Knowlton, as to 20%, and
(c) Linda Knowlton, as to 5%;
[para 2]
AND WHEREAS on April 7, 2000, Commission staff submitted a bill of costs in the amount of $140,889.35, representing prescribed fees and charges incurred by the Commission and the Executive Director in relation to the hearing;
[para 3]
AND WHEREAS the submission of Commission staff was sent to Stanhiser and the Knowltons on April 7, 2000;
[para 4]
AND WHEREAS no submissions were made by Stanhiser regarding the bill of costs;
[para 5]
AND WHEREAS on July 10, 2000, the Knowltons made submissions in respect of the bill of costs;
[para 6]
AND WHEREAS Commission staff do not object to the submissions made by the Knowltons;
[para 7]
NOW THEREFORE the Commission orders under section 174 of the Act and in accordance with section 22(1), Item 38(a), (b), (c), (d) and (e) of the Securities Regulation, B.C. Reg. 196/97, that the costs of or related to the hearing are $140,000 and are apportioned and payable by:
(a) Stanhiser, as to $105,000;
(b) Del Knowlton, as to $28,000, on the condition that the amount will be reduced to $20,000 provided that Del Knowlton does not default on any of the payments set out in the payment schedule attached as Appendix 1; and
(c) Linda Knowlton, as to $7,000, on the condition that the amount will be reduced to $3000 provided that Linda Knowlton does not default on any of the payments set out in the payment schedule attached as Appendix 1.
[para 8]
DATED October 13, 2000.
Adrienne Salvail-Lopez, Member
Roy Wares, Member
Diane K. Wolch, Member
APPENDIX 1
PAYMENT SCHEDULE
| Linda Knowlton: |  | |
| Administrative Penalty Owing | $ 5,000 | |
| Costs Owing | $ 3,000 | |
| | |
| Del Knowlton: | | |
| Administrative Penalty Owing | $20,000 | |
| Costs Owing | $20,000 | |
| | |
| TOTAL OWING | $48,000 | |
| Upon issuance of Section 174 Order | $ 1,000 | (applied to administrative penalty of L. Knowlton) |
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| $5,000 on November 1, 2000 | $ 5,000 | (applied to administrative penalty and costs of L. Knowlton) |
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| $1,000 on the first day of every month from December 1, 2000 to June 1, 2004 (post dated cheques to be provided to Commission staff), to be applied in the following manner: | | |
| December 1, 2000 - January 1, 2001 | $ 2,000 | (applied to costs of L. Knowlton) |
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| February 1, 2001 - September 1, 2002 | $20,000 | (applied to administrative penalty of D. Knowlton) |
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| October 1, 2002 - May 1, 2004 | $20,000 | (applied to costs of D. Knowlton) |
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| TOTAL PAID | $48,000 | |