Phoenix Credit Risk Management Consulting Inc. and Others Settle with Ontario Securities Commission

TORONTO, Dec. 20 -- Ontario Securities Commission issued the following news release:

The Ontario Securities Commission approved a settlement agreement yesterday between Staff and Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Phoenix Capital Resources Inc., Rathore & Associates Asset Management Ltd., 2195043 Ontario Inc., Jawad Rathore ("Rathore"), Vincenzo Petrozza ("Petrozza") and Omar Maloney ("Maloney") (the "Respondents").

The Respondents admitted that their conduct relating to shares of Great Pacific International Inc. ("GPI") and OSE Corp. ("OSE") constituted unregistered trading in securities. The Respondents, except Petrozza, gave undertakings as to the future value or price of GPI and OSE in order to effect trades in those securities, and Petrozza and Rathore, in their roles as directors and officers, authorized, permitted or acquiesced in the non-compliance with Ontario securities law of the corporate respondents.

The Respondents engaged in conduct contrary to the public interest by failing to do adequate due diligence before recommending GPI and OSE shares to investors, receiving compensation in return for referring investors to GPI and/or OSE and failing to inform investors of the compensation. The Respondents also described payments to investors as dividends when they were not.

Under the settlement agreement, a total of $2,955,212.45 will be disgorged. The Respondents will also pay an administrative penalty of $250,000.00 and costs of $100,000.00 and will be subject to 15 year bans on trading and acquiring securities, subject to certain exceptions for the individuals. Rathore, Petrozza and Maloney are also prevented from acting as directors and officers of any registrant, investment fund manager or issuer that distributes securities under a prospectus or prospectus exemption, subject to certain exceptions.

A copy of the Settlement Agreement and Order of the Commission in this matter are available on the OSC website at www.osc.gov.on.ca

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC's investor materials available at www.osc.gov.on.ca.

TNS C-BhaS 111221-mv45-3724387