Securities Commission Issues Decision On Knowledge House Motions

The Nova Scotia Securities Commission has issued its decision on whether the motions of respondents Dan Potter, Knowledge House Inc., Calvin Wadden and Kenneth MacLeod should be heard in the absence of any outstanding allegations.

Commission staff had discontinued its allegations against the respondents raising the question of whether the motions expired as there was no longer a proceeding before the commission.

The commission examined the remedies sought by the respondents in the motions and decided that a number of them had already been granted in the proceeding, are no longer applicable or are not within the authority of the commission.

In particular, the commission does not have the authority under the securities legislation to grant the declarations, monetary compensation or costs sought by the respondents.

The commission ordered that:

• commission staff return to Mr. Potter the material provided to the commission following the April 19, 2006, order of the Court of Appeal and the CDs containing the Knowledge House Inc. email servers and any paper-based copies. If Mr. Potter prefers, these materials may be destroyed rather than returned to him. This shall be done within 60 days of the decision.
• commission staff shall not use the fruits or work product of its investigation in any amended or new investigation.
• there will be no hearing on the motions since the remedies sought have already been granted, are granted in the decision or are not within the commission's authority to grant.

The Nova Scotia Securities Commission is the provincial government agency responsible for regulating trading in securities in the province. To view the decision visit www.gov.ns.ca/nssc/docs/KHIdecision04122012.pdf .