November 12, 2010 14:37 ET

AGORACOM Settles With OSC.

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2010) - AGORACOM announces that it has reached a settlement with the Ontario Securities Commission.

George Tsiolis, Founder of AGORACOM, stated "We have settled our matter before the OSC. We have fully acknowledged that our actions were contrary to the public interest and have started to work towards rectifying those issues".


By abiding by the terms of the Settlement, the company and its principals will continue to ensure that small-cap companies are given the best opportunity to garner the attention of small-cap investors.

Having acknowledged that our past practice of using alias posts to create and maintain dialogue about our clients was contrary to the public interest, we have agreed to pay $150,000 in costs and monetary payment. We have further agreed, among other things, to the following in order to avoid any potential future conflicts of interest: to not serve as officers or directors of any of our clients, to not act as officers or directors of other public entities for 5 years and to relinquish our Exempt Market Dealer status. For full and complete details, please see the link below.

AGORACOM also recognizes that some past internal controls and procedures were insufficient and prone to abuse. On September 8th, 2010, for example, a former AGORACOM employee settled the allegations made by the OSC against him, and admitted to insider trading and stock tipping for his personal gain pertaining to information about our clients during his tenure. 

AGORACOM, as both part of the settlement and our own internal need for greater controls, has and will be implementing further procedures to prohibit any future trades in clients' securities by AGORACOM and its employees, beyond stock options and private placements that are part of our investor relations or related business contracts.

Link to Notice from the Office of the Secretary In the Matter of AGORACOM Investor Relations Corp. et al