Posts Tagged 'Ontario Securities Act'

Divisional Court upholds Commissions decision not to revoke settlement agreement

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In a recent Divisional Court decision (January 11, 2013), the Ontario Superior Court of Justice denied the Appellant’s appeal to set aside an earlier order of the Ontario Securities Commission approving a settlement he had entered into with the staff of the Commission.

The Appellant, Andrew Rankin, was charged with insider trading and tipping under sections 76(1) and (2) of the Securities Act. It was alleged that he had given confidential information obtained through his employment at RBC Dominion Securities Inc. ...

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Fraudster reprimanded by OSC for his part in $40-million Ponzi scheme

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On Tuesday March 5, 2013, The Ontario Securities Commission (OSC) reprimanded a former dentist for his involvement in a $40-million Ponzi scheme.  This was part of the settlement agreement that Peter Sbaraglia entered into before the OSC.  Sbaraglia can now only own limited securities through his RRSP and is permanently banned from ever becoming an officer or director of any company or investment firm registered with the OSC.  At his hearing, Sbaraglia admitted to his role in having raised $21 ...

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Understanding how proceedings are commenced before the Ontario Securities Commission

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If you are being investigated by the Ontario Securities Commission (OSC), at some point formal proceedings may be initiated against you. This can occur either at the conclusion of the investigation or while the investigation is still ongoing. It is Enforcement staff (a branch of the OSC) that carry out the investigation and it is Enforcement staff that can initiate formal proceedings.

Formal proceedings before the OSC are initiated by the Issuance of a Statement of Allegations by Enforcement staff. The ...

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An overview of cease trade orders in the context of OSC enforcement proceedings

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A cease trade order prohibits the subject of the order from trading. It can be a narrow ban or a complete ban on trading. These orders are made in the context of an OSC enforcement proceeding.

Where Enforcement staff (the investigative branch of the Ontario Securities Commission (OSC)) believe that a company’s or individual’s actions are an immediate and ongoing threat to either the public or the capital markets, it can apply to the Commission of the OSC for a temporary ...

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An Overview of OSC Enforcement Proceedings

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Ontario’s capital markets are overseen by the Ontario Securities Commission (OSC). Contraventions of securities laws are investigated by a branch of the OSC known as Enforcement staff.

Enforcement staff have broad powers to carry out their investigations. Under section 127 of the Securities Act (Ontario), Enforcement staff derive their authority to commence proceedings against both individuals and companies suspected of either violating securities laws or acting against the public interest. These proceedings take place at the OSC and are administrative hearings. ...

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