Robert P. Hutchison

Following a merits decision finding that the Respondents illegally distributed securities, engaged in unregistered trading, and committed fraud, the Commission held a sanctions and costs hearing.

The Commission found the misconduct to be egregious, involving the loss of virtually all investor funds and a callous disregard for investors' interests.

The Commission ordered permanent market bans against the Respondents, joint and several disgorgement of C$1.45 million and US$140,000, an administrative penalty of $550,000 against the individual Respondent, and costs of $275,138.62 apportioned between the Respondents.

Staff of the Ontario Securities Commission sought a reciprocal order under subsection 127(10) of the Securities Act against the respondent, who had entered into a settlement agreement with the British Columbia Securities Commission admitting to insider trading.

The respondent argued that reciprocating the order would be punitive and contrary to the public interest.

The Commission rejected the respondent's arguments, finding that the threshold for reciprocity was met and that an order was necessary to protect Ontario investors.

A reciprocal order was issued prohibiting the respondent from trading in securities or derivatives of any issuer he is in a special relationship with, and from acting as a director or officer of a public issuer, for a three-year period.

The Ontario Securities Commission approved a settlement agreement between Staff and Questrade Wealth Management Inc. Questrade admitted to acting contrary to the public interest by failing to take appropriate steps to determine whether a conflict of interest existed before investing client money in WisdomTree ETFs.

The Commission ordered a reprimand, $100,000 in costs, and accepted a voluntary payment of $2.9 million, finding the settlement reasonable and in the public interest.

Staff of the Ontario Securities Commission sought an inter-jurisdictional enforcement order against the respondent under subsection 127(10) of the Securities Act.

The respondent had previously entered into a settlement agreement with the Alberta Securities Commission, admitting to unregistered trading, illegal distributions, and misrepresentations.

The Ontario Securities Commission found that the statutory threshold was met and that it was in the public interest to issue a reciprocal order.

The Commission ordered trading and market-access bans against the respondent until December 19, 2027, substantially mirroring the sanctions agreed to in Alberta.

Staff of the Ontario Securities Commission sought an inter-jurisdictional enforcement order under subsection 127(10) of the Securities Act against the respondents, based on a prior order of the British Columbia Securities Commission (BCSC).

The BCSC had found that the respondents engaged in illegal distributions of securities and imposed market-access bans and an administrative penalty.

The Ontario Securities Commission granted the application, finding that the statutory threshold was met and that it was in the public interest to impose reciprocal protective and preventive sanctions, including permanent market-access bans against the corporate respondents and time-limited bans against the individual respondent, to protect Ontario's capital markets.

Staff of the Ontario Securities Commission sought an inter-jurisdictional enforcement order against the respondent under subsection 127(10) of the Securities Act, based on a prior decision of the Alberta Securities Commission (ASC).

The ASC had found that the respondent engaged in illegal distributions of securities and made misleading statements to investors, imposing permanent market-access bans and financial penalties.

The Commission found that the threshold for a reciprocal order was met and that it was in the public interest to protect Ontario capital markets.

The Commission ordered permanent trading and market-access bans against the respondent, substantially mirroring the ASC's sanctions.

The respondent, an insider of a reporting issuer, admitted to engaging in a course of conduct that created a misleading appearance of trading activity and failing to file insider reports.

Staff of the Commission and the respondent jointly submitted a Settlement Agreement for approval.

The Panel approved the settlement, finding it to be in the public interest, and imposed sanctions including a $10,000 administrative penalty, $5,000 in costs, and various trading and director/officer bans.

The Ontario Securities Commission approved a settlement agreement with the respondent regarding its failure to comply with mutual fund sales practices under NI 81-105.

Over a five-year period, the respondent engaged in excessive promotional spending and provided excessive non-monetary benefits to dealing representatives.

The respondent also failed to maintain adequate controls, supervision, and records.

The settlement included an $800,000 administrative penalty, $150,000 in costs, a reprimand, and a requirement to submit to a review by an independent consultant.

The respondent, a legal assistant, admitted to providing non-public, confidential information regarding merger and acquisition transactions to another respondent over a four-year period, in breach of the Securities Act.

Staff and the respondent entered into a settlement agreement, which included significant credit for the respondent's cooperation with Staff's investigation against the non-settling respondents.

The Commission approved the settlement agreement, finding the reduced sanctions, which included a reprimand and market bans but no financial penalties, to be reasonable and in the public interest.

The applicant, Macquarie Capital Markets Canada Ltd., applied under section 144 of the Securities Act to vary a 2001 Commission order that required its officers and employees to carry their trading accounts with the firm.

The applicant submitted that it no longer deals with retail clients and that the regulatory environment has changed significantly.

The Commission found that removing the condition would not be prejudicial to the public interest, noting the importance of reducing regulatory burden and avoiding duplicative requirements.

The application was granted, subject to the applicant implementing new policies and procedures for account supervision.

The respondent brought a motion to adjourn the hearing on the merits pending his appeal to the Divisional Court regarding a dismissed motion for a stay based on solicitor-client privilege.

Staff opposed the adjournment, citing its pending motion to quash the appeal.

The Commission found that proceeding with the hearing would not significantly expedite the matter, as the majority of the hearing would occur in September regardless of the outcome of Staff's motion.

The motion to adjourn was granted, and the hearing was rescheduled to September.

The Ontario Securities Commission approved a no-contest settlement agreement between Staff and the Assante Dealers regarding excessive management expense ratios charged to clients.

The Assante Dealers self-reported the issue, cooperated with Staff, implemented a remediation program, and paid $3.6 million in compensation to affected clients, along with voluntary payments to the Commission.

The panel found the settlement to be fair, reasonable, and in the public interest.