Robert W. Davis, FCA

Staff of the Ontario Securities Commission alleged that the respondent violated a Cease Trade Order by giving instructions to sell shares in a corporate account over which he had sole trading authority.

The respondent argued that the order's exception permitting trading 'for his own account(s)' allowed trading through a corporate entity.

The Commission rejected this interpretation, finding that the exception did not allow trading through corporate vehicles, even if the respondent was the beneficial owner.

The Commission concluded that the respondent breached the Cease Trade Order and ordered a three-year trading ban, removal of exemptions, and $15,000 in costs.