The Ontario Securities Commission found that the respondents, Richard Ochnik and 1464210 Ontario Inc., engaged in an illegal RRSP/loan scheme.
The respondents traded securities without registration and distributed securities without a prospectus, contrary to sections 25 and 53 of the Securities Act.
Ochnik targeted financially vulnerable individuals, inducing them to collapse locked-in retirement funds to invest in his company in exchange for promised 'non-repayable loans' that many never received.
The Commission concluded the conduct was egregious and predatory, imposing permanent cease trade orders, permanent director and officer bans against Ochnik, and directing Staff to apply to the Superior Court for restitution orders.
