Cecilia Williams

The Ontario Securities Commission alleged that the respondents, as officers and/or directors of a publicly listed reporting issuer, authorized the company's failure to disclose their receipt of shares and report an acquisition as a related party transaction.

The parties reached settlement agreements wherein the respondents admitted to authorizing the non-compliance and agreed to significant financial penalties, disgorgement, and market bans.

The Capital Markets Tribunal approved the settlements, finding them reasonable, in the public interest, and sufficient for specific and general deterrence.