Poonam Puri

Ava Trade Ltd., a British Virgin Islands-based entity, opened and operated approximately 1400 accounts for Ontario investors to trade contracts for differences (CFDs) without being registered or filing a prospectus.

Staff of the Commission and Ava Trade reached a settlement agreement acknowledging these breaches of the Securities Act.

The Commission approved the settlement, which included an administrative penalty of $550,000, disgorgement of $3.7 million, and costs of $25,000, finding it to be in the public interest.