BCSC

Notices of Hearing & Temporary Orders

TERRENCE NORMAN NOVAK [Sec. 171]

BCSECCOM #: 2001 BCSECCOM 570	Document Type: Sec. 171
Published Date: 2001-06-05	Effective Date: 2001-05-30
Details:

2001 BCSECCOM 570

COR#01/060

IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF TERRENCE NORMAN NOVAK

Revocation Order Under Section 171

[para 1]
1. On September 9, 1991, the Executive Director issued a Notice of Hearing Under Section 144 of the Former Act (section 161 of the Securities Act, R.S.B.C. 1996, c. 418, the “Act”) notifying Terrence Norman Novak of a hearing to be held on October 15, 1991 (the “Hearing”) before the British Columbia Securities Commission.

[para 2]
2. The Executive Director alleged that Novak, while registered as a mutual fund salesperson, failed to invest client funds placed with him as directed by the client, and that Novak forged documents and converted the client funds for his own use.

[para 3]
3. The Hearing was adjourned, by consent, to January 27, 1992.

[para 4]
4. On November 28, 1991, the Commission adjourned the Hearing generally, by consent, and issued temporary orders (the “Temporary Order”), by consent, under section 144(1)(c) and 144(1)(d) of the Former Act prohibiting Novak from becoming or acting as a director or officer of any reporting issuer and removing all of the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Former Act, until the Hearing is held and a decision rendered.

[para 5]
5. On March 31, 1993, Novak pled guilty to three counts of fraud and was sentenced to concurrent terms of imprisonment of 18 months on each of the three counts, and was ordered to pay restitution to each of the clients.

[para 6]
6. The Executive Director has decided not to proceed against Novak.

[para 7]
7. The Commission considers that to revoke the Temporary Order would not be prejudicial to the public interest.

[para 8]
8. It is ordered under section 171 of the Act that the Temporary Order against Novak be revoked.

DATED at Vancouver, British Columbia, on May 30, 2001.

Douglas M. Hyndman
Chair