Russell G. Juriansz

The applicant sought a review of a Canadian Investment Regulatory Organization (CIRO) decision finding that he engaged in unapproved outside business activities and securities-related business by recommending and facilitating the sale of syndicated mortgage investments.

The Capital Markets Tribunal dismissed the application, finding no error in the CIRO Panel's conclusions that the applicant's conduct constituted trading and an unapproved outside business activity.

The Tribunal also upheld the sanctions imposed, which included a permanent prohibition from conducting securities-related business, a $300,000 fine, and $30,000 in costs.

The moving party brought a motion to strike the Commission's statement of allegations against him, arguing it failed to set out material facts establishing he committed the alleged breaches of the Securities Act.

The Capital Markets Tribunal declined to strike the allegations but ordered the Commission to provide particulars regarding the allegation that the moving party breached s. 126.1(1)(b) of the Act.

The Tribunal found the allegations regarding false or misleading statements under s. 122(1)(a) were sufficient.