Timothy Moseley

OCMTCapital Markets TribunalMay 10, 2023

James Douglas

OCMT0 cases2023–2026

Request for confidential hearing on application for relief from implied undertaking rule denied.

Miller Bernstein LLP applied for relief from the implied undertaking rule regarding voluntary evidence received by Staff of the Ontario Securities Commission.

Both parties requested that the application be kept confidential.

The Capital Markets Tribunal denied the request, finding that the criteria for a confidential hearing under Rule 22(2) were not met and that the implied undertaking rule did not necessitate a confidential hearing.

Miller Bernstein LLP (Re), 2023 ONCMT 18

Nicole Fung

6 cases2023–2024

Melissa MacKewn

Mark Bailey

In Private Practice31 cases2015–2026

Lawrence E. Thacker

54 cases1999–2026

Jonathan Wansbrough

24 cases2013–2026

Jonathan Chen

Johanna Braden

Erin Pleet

Brian Greenspan

8 cases2004–2023

Alexandra Grishanova

Adam Gotfried

17 cases2015–2026

Timothy Moseley

Sandra Blake

OCMTCapital Markets TribunalMay 9, 2023

Tribunal schedules motions and declines to delay proceedings pending respondents' judicial review application.

Staff of the Ontario Securities Commission brought motions seeking further witness summaries from the respondents and the dismissal of the respondents' stay motions.

The respondents argued that the scheduling of these motions should be delayed pending their application for judicial review of a previous Tribunal decision.

The Tribunal held that the judicial review application should not delay the proceeding.

The Tribunal scheduled the motion for further witness summaries to be heard orally, treated Staff's motion to dismiss the stay motions as withdrawn, and set a schedule for the exchange of materials for the stay motions.

Bridging Finance Inc (Re), 2023 ONCMT 17

Melissa MacKewn

Mark Bailey

In Private Practice31 cases2015–2026

Lawrence Thacker

8 cases2012–2025

Jonathan Chen

Johanna Braden

Erin Pleet

Dan Thomas

3 cases2022–2023

Adam Gotfried

17 cases2015–2026

Timothy Moseley

Sandra Blake

Russell Juriansz

OCMTCapital Markets TribunalMay 8, 2023

Motion to adjourn pending judicial review dismissed; no exceptional circumstances found.

The respondents, David and Natasha Sharpe, brought a motion to adjourn their motions for a stay of proceedings, the merits hearing, and related filing dates until their judicial review application of a prior Tribunal decision is determined by the Divisional Court.

The Capital Markets Tribunal dismissed the motion, finding that the pending judicial review application did not constitute an 'exceptional circumstance' under Rule 29(1) of the Tribunal's Rules of Procedure.

The Tribunal emphasized the public interest in proceeding expeditiously and noted that the mere filing of a judicial review application does not automatically warrant an adjournment.

Bridging Finance Inc (Re), 2023 ONCMT 16

Nicole Fung

6 cases2023–2024

Naomi Lutes

8 cases2014–2026

Melissa MacKewn

Mark Bailey

Lawrence Thacker

8 cases2012–2025

Katrina Gustafson

17 cases2019–2025

Johanna Braden

Erin Pleet

Alexandra Grishanova

Timothy Moseley

Sandra Blake

Russell Juriansz

OCMTCapital Markets TribunalFeb 21, 2023

Disclosure motions dismissed as moving parties failed to establish a tenable case of abuse of process.

David and Natasha Sharpe brought motions for disclosure of various documents to support their motions for a stay of proceedings based on an alleged abuse of process.

The alleged abuse was the Ontario Securities Commission's filing of their compelled testimony in a public court record for a receivership application without first obtaining a section 17 order.

The Capital Markets Tribunal dismissed the disclosure motions, finding that the Sharpes failed to establish a tenable case of abuse of process, as the disclosure occurred in a separate proceeding, did not affect the adjudicative fairness of the current proceeding, and there was no evidence of bad faith by OSC Staff.

Bridging Finance Inc (Re), 2023 ONCMT 8

Paul Stern

5 cases2008–2023

Mark Bailey

Margot Davis

5 cases2023–2026

Braden Stapleton

10 cases2022–2024

Timothy Moseley

Sandra Blake

Russell Juriansz

OCMTCapital Markets TribunalFeb 3, 2023

Motion to restrict Staff's use of documents denied; Wagg screening process inapplicable to Staff's investigation.

The respondent brought a motion to restrict Staff's use of documents that were also used in a parallel criminal proceeding against the respondent and his company.

The respondent argued that the documents should be subject to the screening process established in D.P. v Wagg.

The Tribunal dismissed the motion, finding that the Wagg process did not apply because Staff obtained the documents through its own investigation, rather than receiving them as Crown disclosure.

The Tribunal noted that applying Wagg would improperly impose unnecessary constraints on Staff.

Gong (Re), 2023 ONCMT 7

Nicole Fung

6 cases2023–2024

Melissa MacKewn

Mark Bailey

Lawrence E. Thacker

54 cases1999–2026

Jonathan Wansbrough

24 cases2013–2026

Johanna Braden

Erin Pleet

David A. Hausman

13 cases2000–2025

Daniel Thomas

William Furlong

Timothy Moseley

Sandra Blake

OCMTCapital Markets TribunalJan 31, 2023

Motion for expedited or separate merits hearing dismissed as allegations against respondents were inextricably intertwined.

The respondent, former Chief Compliance Officer of Bridging Finance Inc., brought a motion for an expedited or separate merits hearing regarding the allegations against him, citing financial constraints.

Staff of the Ontario Securities Commission and other respondents opposed the motion.

The Capital Markets Tribunal dismissed the motion, finding that the allegations against the moving party were inextricably intertwined with those against the other respondents, and that his proposed mechanisms would not result in a just, expeditious, and cost-effective proceeding.

Bridging Finance Inc (Re), 2023 ONCMT 6

Usman Sheikh

In Private Practice14 cases2007–2023

Steven Sofer

8 cases2007–2023

Erin Hoult

41 cases2009–2026

Alex Zavaglia

Timothy Moseley

Geoffrey D. Creighton

Andrea Burke

OCMTCapital Markets TribunalJan 30, 2023

Tribunal grants s. 17 order authorizing disclosure of compelled testimony in foreign regulatory proceeding.

The applicant, who was examined as a witness in an OSC investigation, sought an order under s. 17 of the Securities Act authorizing him to disclose his compelled testimony in a U.S. court proceeding.

OSC Staff opposed the application, arguing that the Ontario Superior Court of Justice had jurisdiction over the U.S. court's letter of request and that the Tribunal should decline to exercise its jurisdiction.

The Tribunal found that it was in the public interest to grant the requested relief, as the proposed disclosure advanced the foreign regulatory proceeding resulting from the investigation, and the Ontario Court's involvement did not displace the Tribunal's statutory jurisdiction.

Hamlin (Re), 2023 ONCMT 5

Sean R. Campbell

2 cases2021–2023

Ryan Lapensée

4 cases2021–2023

Madison Robins

30 cases2016–2025

James W. E. Doris

4 cases2009–2023

Eli Lederman

3 cases2021–2024

Chantelle Cseh

4 cases2021–2024

Brian Kolenda

In Private Practice67 cases2012–2026

Andrew Faith

11 cases2018–2025

Alisa McMaster

William J. Furlong

Timothy Moseley

Dale R. Ponder

OCMTCapital Markets TribunalJan 11, 2023

Tribunal imposes disgorgement, administrative penalties, and market bans for fraudulent diversion of solar fund investments.

Following a merits decision finding that the respondents engaged in fraudulent conduct by diverting $234,864.04 from a solar energy fund contrary to its offering memorandum, the Capital Markets Tribunal held a hearing to determine sanctions and costs.

The Tribunal ordered disgorgement of the diverted funds, imposed administrative penalties totaling $476,000, and ordered the respondents to pay $112,500 in costs.

The Tribunal also imposed permanent market bans on the respondents, subject to limited carve-outs for personal trading and acting as directors of specific private family companies.

Solar Income Fund Inc. (Re), 2023 ONCMT 3

Isaac Paonessa

2 cases2023–2025

Alvin Qian

34 cases2017–2026

Timothy Moseley

OCMTCapital Markets TribunalJan 10, 2023

James Douglas

OCMT0 cases2023–2026

Cathy Singer

OCMT0 cases2020–2026

Tribunal imposes market bans, administrative penalties, and costs for insider trading and misleading statements.

Staff of the Ontario Securities Commission sought sanctions and costs against Taylor Carr and Dmitri Graham following a merits decision finding they contravened the Securities Act.

Carr was found to have engaged in tipping and insider trading, while Graham was found to have made a misleading statement to Staff during the investigation.

The Capital Markets Tribunal ordered Carr to pay a $15,000 administrative penalty, disgorge $1,215.03, pay $5,000 in costs, and serve a three-year market ban.

Graham, who failed to participate in the sanctions hearing, was ordered to pay a $40,000 administrative penalty, pay $15,000 in costs, and serve a five-year market ban.

Rosborough (Re), 2023 ONCMT 2

Usman M Sheikh

1 case2023–2023

Steven I. Sofer

14 cases2000–2023

Erin Hoult

41 cases2009–2026

Alex Zavaglia

Timothy Moseley

Andrea Burke

OCMTCapital Markets TribunalJan 6, 2023

Tribunal retains jurisdiction to authorize disclosure of compelled evidence despite Superior Court order enforcing foreign request.

The applicant applied to the Capital Markets Tribunal for authorization under s. 17 of the Securities Act to disclose information from a compelled examination in a U.S. court proceeding.

The respondent argued that the Ontario Superior Court of Justice, which had recognized a letter of request from the U.S. court, had exclusive jurisdiction over the matter.

The Tribunal determined as a preliminary issue that its statutory jurisdiction to grant a s. 17 order was not displaced by the Ontario Court's order, as the requested relief sought to remove a legal impediment under Ontario law rather than interfere with the court's order.

Hamlin (Re), 2023 ONCMT 1

Naomi Lutes

8 cases2014–2026

Melissa MacKewn

Mark Bailey

Lawrence E. Thacker

54 cases1999–2026

Jonathan Wansbrough

24 cases2013–2026

Johanna Braden

Erin Pleet

Alexandra Grishanova

Timothy Moseley

Sandra Blake

Dale R. Ponder

OCMTCapital Markets TribunalDec 6, 2022

Tribunal orders stay motions to precede merits hearing and declines to await related judicial review.

The respondents David and Natasha Sharpe brought motions to stay the enforcement proceeding, alleging abuse of process related to the Commission's use of compelled evidence without a section 17 order.

The Tribunal held a scheduling hearing and determined that the stay motions should be heard before the merits hearing, as the potential efficiencies outweighed the risk of duplicated effort.

The Tribunal also declined to delay the stay motions pending the outcome of a related judicial review application, citing the public interest in proceeding expeditiously.

A schedule was set for the disclosure motions, stay motions, and the merits hearing.

Bridging Finance Inc (Re), 2022 ONCMT 37

Naomi Lutes

8 cases2014–2026

Melissa MacKewn

Mark Bailey

Erin Pleet

In Private Practice78 cases2003–2025

Dan Thomas

3 cases2022–2023

Brian Greenspan

8 cases2004–2023

Alistair Crawley

Alexandra Grishanova

Adam Gotfried

17 cases2015–2026

William Furlong

Timothy Moseley

Dale R. Ponder

OCMTCapital Markets TribunalNov 25, 2022

Motion for stay of confidentiality decision dismissed for lack of jurisdiction and failure to meet RJR-MacDonald test.

The moving party, David Sharpe, sought a stay of an earlier Tribunal decision that dismissed his request to keep certain portions of the adjudicative record confidential.

He sought the stay pending his application for judicial review of that decision.

The Tribunal dismissed the motion, finding it lacked jurisdiction under the Statutory Powers Procedure Act to stay a final decision on confidentiality.

The Tribunal further held that even if it had jurisdiction, it would not grant the stay because Sharpe failed to demonstrate irreparable harm and the balance of convenience favoured the public interest in the transparency of Tribunal proceedings.

Bridging Finance Inc (Re), 2022 ONCMT 35

Stephanie Voudouris

16 cases2016–2025

Rikin Morzaria

26 cases2004–2024

Melissa MacKewn

In Private Practice43 cases2008–2025

Lara Jackson

John Picone

3 cases2016–2022

Jamie Gibson

8 cases2018–2026

James Camp

20 cases2007–2023

Dan Thomas

3 cases2022–2023

Brian Weingarten

14 cases2015–2024

Timothy Moseley

Sandra Blake

James D.G. Douglas

OCMTCapital Markets TribunalNov 2, 2022

Settlement approved for misleading and selective disclosure regarding mining concessions, including $750,000 in administrative penalties.

Staff of the Ontario Securities Commission alleged that Plateau Energy Metals Inc. made misleading statements in news releases and filings regarding the status of its mining concessions in Peru, and that its CEO and CFO authorized or acquiesced in these contraventions.

Staff also alleged the CEO made selective disclosure to certain shareholders.

The parties entered into a settlement agreement wherein the respondents agreed to pay administrative penalties totaling $750,000 and investigation costs totaling $300,000.

The Capital Markets Tribunal approved the settlement, finding it fell within a range of reasonable outcomes and was in the public interest.

Plateau Energy Metals Inc. (Re), 2022 ONCMT 33

Tim Andison

Rikin Morzaria

26 cases2004–2024

Melissa MacKewn

Kate McGrann

13 cases2012–2023

Andrea Laing

William J. Furlong

Timothy Moseley

OCMTCapital Markets TribunalOct 24, 2022

Settlements approved for cannabis company and former executive over revenue recognition and accounting errors.

Staff of the Ontario Securities Commission alleged that Cronos Group Inc. improperly recognized revenue and overstated its U.S. goodwill and intangible assets, and that its former Chief Financial Officer failed to take appropriate steps to address revenue recognition issues.

The respondents admitted to the misconduct and entered into settlement agreements with Staff.

The Capital Markets Tribunal approved the settlements, finding that the agreed sanctions, including administrative penalties, costs, and an independent review of internal controls, were in the public interest and achieved specific and general deterrence.

Cronos Group Inc (Re), 2022 ONCMT 31

Vincent Amartey

11 cases2022–2023

Tina Cody

In Private Practice9 cases2022–2026

Brad Moore

12 cases2006–2022

Aaron Dantowitz

97 cases2005–2026

Timothy Moseley

Sandra Blake

Russell Juriansz

OCMTCapital Markets TribunalOct 12, 2022

Settlement approved for unregistered crypto asset trading platform; $600,000 penalty and disgorgement ordered.

Staff of the Ontario Securities Commission and Aux Cayes Fintech Co. Ltd. sought approval of a settlement agreement regarding allegations of unregistered trading and illegal distributions.

Aux Cayes operated an online crypto asset trading platform accessible to Ontario investors without being registered or filing a prospectus.

The Capital Markets Tribunal approved the settlement, finding it in the public interest.

Aux Cayes admitted to the contraventions and agreed to pay a $600,000 administrative penalty, disgorge $514,950 USD in revenue, and pay $25,000 in costs.

Aux Cayes Fintech Co Ltd (Re), 2022 ONCMT 30

Timothy Moseley

Sandra Blake

Russell Juriansz

OCMTCapital Markets TribunalOct 11, 2022

Application to keep intervenor motion decision confidential summarily dismissed as improper.

A non-party whose motion for intervenor status was previously dismissed brought an application under section 25.0.1 of the Statutory Powers Procedure Act to keep the Tribunal's decision and reasons confidential.

The applicant argued the panel misunderstood her submissions and the reasons might impact investors.

The Tribunal summarily dismissed the application, finding it improper as it was merely an expression of dissatisfaction with the previous decision and an attempt to re-litigate the matter.

Gong (Re), 2022 ONCMT 29

Max Muñoz

In Private Practice18 cases2015–2025

Jacob Millar

In Private Practice4 cases2021–2022

Erin Hoult

41 cases2009–2026

Timothy Moseley

Geoffrey D. Creighton

Dale R. Ponder

OCMTCapital Markets TribunalOct 7, 2022

Tribunal imposes 10-year market bans, $250,000 penalty, and $430,192 disgorgement for unregistered CFD trading.

Following a merits decision finding the respondents engaged in unregistered trading and advising regarding contracts for difference (CFDs), the Capital Markets Tribunal held a sanctions hearing.

The Tribunal imposed 10-year market participation bans, an administrative penalty of $250,000, disgorgement of $430,192.50 representing profit-sharing fees and commission rebates, and costs of $200,000.

The Tribunal rejected the respondents' arguments that they did not benefit financially because they subsequently lost the profits in the market, and found their evidence of impecuniosity incomplete.

VRK Forex & Investments Inc (Re), 2022 ONCMT 28

Paul Stern

5 cases2008–2023

Mark Bailey

Margot Davies

Braden Stapleton

10 cases2022–2024

Timothy Moseley

Sandra Blake

Russell Juriansz

OCMTCapital Markets TribunalOct 5, 2022

Motion for intervenor status in securities enforcement proceeding dismissed as moving party not directly affected.

Alice Zhou brought a motion seeking intervenor status in an enforcement proceeding against Xiao Hua (Edward) Gong for alleged securities fraud and unregistered trading.

Zhou claimed to represent investors in China and raised concerns about Gong's identity and potential forged documents.

The Capital Markets Tribunal dismissed the motion, finding that Zhou was not directly affected by the proceeding, would not likely make a unique and useful contribution, and had other avenues to communicate her concerns, such as contacting Staff.

Gong (Re), 2022 ONCMT 27

Robert Stellick

16 cases2020–2024

Mark Bailey

Charlie Pettypiece

10 cases2015–2026

Anil Saxena

Timothy Moseley