Timothy Moseley

OCMTCapital Markets TribunalJul 19, 2022

Permanent capital markets ban ordered following criminal fraud conviction for operating a Ponzi scheme.

The respondent pled guilty to criminal fraud for operating a Ponzi scheme that solicited funds for foreign exchange trading.

Staff of the Ontario Securities Commission brought an inter-jurisdictional enforcement proceeding seeking a permanent ban from the capital markets.

The Tribunal found that the respondent's conduct involved investment contracts, which are securities under the Securities Act.

Given the egregious nature of the fraud, the significant investor losses, and the respondent's criminal conviction, the Tribunal concluded it was in the public interest to permanently ban the respondent from trading, acquiring securities, and acting as a director, officer, registrant, or promoter.

Uitvlugt (Re), 2022 ONCMT 19

Melissa MacKewn

40 cases2009–2026

Mark Bailey

43 cases1995–2025

Alistair Crawley

In Private Practice78 cases2003–2025

Alexandra Grishanova

In Private Practice31 cases2018–2026

Adam Gotfried

17 cases2015–2026

Timothy Moseley

M. Cecilia Williams

Lawrence P. Haber

OCMTCapital Markets TribunalJul 5, 2022

Confidentiality order denied for compelled evidence already made public in related receivership proceedings.

The applicant sought an order to keep portions of the adjudicative records and written submissions confidential in a proceeding before the Capital Markets Tribunal.

The records contained compelled evidence from an investigation that had already been made public in a related receivership application.

The Tribunal dismissed the request, finding that the applicant failed to meet the high bar required to depart from the open court principle, especially given that the material had been publicly available for over a year.

Sharpe (Re), 2022 ONCMT 18

Vincent Amartey

11 cases2022–2023

Rebecca Sim

Brigeeta Richdale

Aaron Dantowitz

97 cases2005–2026

Timothy Moseley

OCMTCapital Markets TribunalJun 22, 2022

Settlement approved for unregistered crypto trading platform, including $2.4M USD disgorgement and business wind-down.

Staff of the Ontario Securities Commission alleged that the respondent operated an unregistered crypto asset trading platform, breaching registration and prospectus requirements.

The parties reached a settlement agreement wherein the respondent admitted the breaches, agreed to disgorge $2,468,910 USD in revenue, pay $10,000 CAD in costs, and wind down its Ontario business.

The Capital Markets Tribunal approved the settlement, finding it in the public interest given the respondent's cooperation, full disgorgement, and the avoidance of a contested hearing.

Bybit Fintech Limited (Re), 2022 ONCMT 16

Philip Millar

2 cases2012–2022

Luke Reidy

In Private Practice5 cases2021–2023

Alvin Qian

34 cases2017–2026

Timothy Moseley

Frances Kordyback

OCMTCapital Markets TribunalMay 25, 2022

Cathy Singer

OCMT0 cases2020–2026

Tribunal finds Carr engaged in insider trading and tipping; Graham cleared of trading but misled Staff.

Staff of the Ontario Securities Commission alleged that the respondents engaged in insider trading and tipping regarding shares of WeedMD Inc. prior to a public announcement of a major expansion.

Carr, an employee of WeedMD, admitted to illegally tipping Rosborough and trading shares while in possession of material non-public information.

Staff alleged that Rosborough subsequently tipped Graham, who then traded WeedMD shares.

The Tribunal found that while the timing of Graham's trades was suspicious, Staff failed to prove on a balance of probabilities that Graham possessed the material non-public information when he traded.

However, the Tribunal found that Graham made materially misleading statements to Staff during the investigation regarding his work relationship with Rosborough, contrary to s. 122(1)(a) of the Securities Act.

A hearing regarding sanctions and costs was ordered to be scheduled.

Rosborough (Re), 2022 ONCMT 11

Vivian Lee

Mark Bailey

43 cases1995–2025

Timothy Moseley

OCMTCapital Markets TribunalApr 25, 2022

Temporary cease trade order extended against unregistered securities trader pending conclusion of related proceeding.

Staff of the Ontario Securities Commission sought to extend a temporary cease trade order against Trilogy Mortgage Group Inc. until the conclusion of a related proceeding.

The Commission noted that a majority of the panel in the related proceeding had found that the respondent engaged in the business of trading securities without being registered.

Finding it in the public interest, the Commission extended the temporary order against the respondent until the related proceeding concludes.

Trilogy Mortgage Group Inc (Re), 2022 ONSEC 8

Vivian Lee

Mark Bailey

43 cases1995–2025

Timothy Moseley

OCMTCapital Markets TribunalApr 25, 2022

Heather Zordel

OCMT0 cases2007–2022

Garnet W. Fenn

OCMT0 cases2016–2022

Respondents found to have engaged in unregistered trading, illegal distribution, and securities fraud regarding mortgage funds.

Staff of the Ontario Securities Commission alleged that the respondents raised almost $80 million from hundreds of investors through pooled mortgage investment funds without being registered, without filing a prospectus, and by perpetrating a fraud.

The majority of the Commission found that all respondent entities and the three individual principals engaged in the business of trading without registration, contrary to s. 25(1) of the Securities Act.

The majority also found that all respondents except Trilogy engaged in illegal distributions contrary to s. 53(1).

Furthermore, the majority concluded that Paramount, the Silverfern entities, and the principals perpetrated a fraud contrary to s. 126.1(1)(b) by misrepresenting the use of investor funds, acquiring undisclosed ownership interests in mortgage projects, and misusing a pre-paid account.

One commissioner dissented in part, finding that only one principal (Ruttenberg) contravened the Act.

Paramount Equity Financial Corporation (Re), 2022 ONSEC 7

Vivian Lee

Troy Hilson

Tegan Raco

Nazma Lee

3 cases2016–2022

Mariko Rivers

Joseph Ensom

Jennifer L. Whately

Jason Koskela

16 cases2009–2026

Hein Poulus, QC

In Private Practice17 cases2014–2025

Gordon Smith

3 cases2016–2022

David Mendicino

7 cases2018–2024

Alexandra Matushenko

Timothy Moseley

OCMTCapital Markets TribunalApr 11, 2022

OSC grants request for a joint hearing with BCSC regarding a proposed financing transaction.

The applicants, minority shareholders of Tryp Therapeutics Inc., applied to the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC) for relief regarding a proposed financing transaction, alleging it was an improper related party transaction and defensive tactic.

They requested a joint hearing before both commissions.

The OSC determined it had the authority to conduct a joint hearing under subsection 3.5(2) of the Securities Act and exercised its discretion to do so, noting that differences in regulatory requirements—specifically Ontario's adoption of MI 61-101, which British Columbia has not adopted—warranted a joint proceeding.

Macdougall (Re), 2022 ONSEC 5

Robert Gain

20 cases2009–2022

Melissa MacKewn

40 cases2009–2026

Linda Rothstein

22 cases1984–2026

John L. Finnigan

In Private Practice4 cases2021–2022

Jacob Millar

Erin Pleet

39 cases2012–2025

Alistair Crawley

In Private Practice78 cases2003–2025

Alexandra Grishanova

In Private Practice31 cases2018–2026

Timothy Moseley

M. Cecilia Williams

Lawrence P. Haber

OCMTCapital Markets TribunalMar 30, 2022

Commission cannot publicly disclose compelled evidence without a s. 17 order, but revocation of investigation order denied.

The applicant sought to revoke a section 11 investigation order after the Ontario Securities Commission publicly disclosed his compelled testimony in a receivership application without first obtaining a section 17 disclosure order.

The Tribunal held that the Commission is bound by the confidentiality provisions of section 16 and cannot publicly disclose compelled evidence without a section 17 order.

However, the Tribunal concluded that revoking the section 11 investigation order was not an appropriate remedy for the improper disclosure, as the disclosure occurred after the order was issued and revocation would be purely punitive.

Sharpe (Re), 2022 ONSEC 3

Gavin MacKenzie

6 cases2020–2026

Erin Hoult

41 cases2009–2026

Wendy Berman

OCMT0 cases2020–2022

Timothy Moseley

Frances Kordyback

OCMTCapital Markets TribunalJan 24, 2022

Respondents found to have engaged in unregistered trading and advising in securities through CFD program.

Staff of the Ontario Securities Commission alleged that the respondents engaged in the business of trading and advising in securities without registration by operating a contract for difference (CFD) trading program.

The respondents argued that CFDs were not securities and that they merely acted as employees executing trades.

The Commission found that the CFDs were investment contracts and therefore securities.

The Commission further held that the respondents engaged in acts in furtherance of trades, exercised discretionary authority over investor accounts, and provided advice on CFD trading for a business purpose, thereby breaching the registration requirements under the Securities Act.

Allegations regarding a breach of a prior undertaking were dismissed due to the undertaking's lack of clarity.

VRK Forex & Investments Inc (Re), 2022 ONSEC 1

Yvonne Chisholm

25 cases2004–2021

Vivian Lee

In Private Practice36 cases2005–2025

Stephanie Voudouris

16 cases2016–2025

Robert Staley

6 cases2005–2023

Robert J. Chadwick

Lara Jackson

In Private Practice43 cases2008–2025

John M. Picone

45 cases2011–2026

Jason M. Berall

In Private Practice27 cases2005–2026

Jason Koskela

16 cases2009–2026

Eliot Kolers

7 cases2009–2026

David Mendicino

7 cases2018–2024

David D. Conklin

Chris Simard

Brent Kraus

Bradley Wiffen

14 cases2021–2026

Ben Muller

16 cases2021–2025

Ashley Hsu

Alexander D. Rose

28 cases2008–2026

Timothy Moseley

Lawrence P. Haber

Frances Kordyback

OCMTCapital Markets TribunalOct 6, 2021

Application to review TSX decision granting exemptive relief for inadvertent shareholder vote error dismissed.

Wilks Brothers, LLC applied for a review of a decision by TSX Inc. granting exemptive relief to Calfrac Well Services Ltd. The relief allowed Calfrac to retroactively correct a shareholder vote related to its recapitalization, in which votes from an ineligible shareholder (AIMCo) were inadvertently included.

The Commission found that Wilks had standing to bring the application as it was directly affected by the TSX decision.

However, the Commission dismissed the application on the merits, finding that the TSX did not consider irrelevant grounds, did not impose an illegal condition, did not overlook material evidence, and appropriately considered the public interest.

The Commission concluded that the agreement to rescind AIMCo's subscription was not an issuer bid under NI 62-104.

Wilks Brothers, LLC (Re), 2021 ONSEC 25

Timothy Moseley

OSC0 cases2015–2026

Lawrence P. Haber

OSC0 cases2018–2022

Darren McKall

OSC0 cases2000–2026

OSCOntario Securities CommissionJul 16, 2021

Exemptive relief granted to CIBC for the continuous distribution of Canadian Depositary Receipts.

The Canadian Imperial Bank of Commerce applied to the Ontario Securities Commission for exemptive relief from various prospectus delivery, pricing, form, and underwriter certificate requirements under securities legislation.

The relief was sought to facilitate the continuous distribution of Canadian Depositary Receipts (CDRs), which provide Canadian investors with direct access to ownership of equity securities of foreign issuers.

The Commission granted the requested relief, subject to several conditions, including that the underlying issuers meet specific capitalization and liquidity standards and that the Filer maintain a dedicated website providing continuous disclosure regarding the CDRs.

Canadian Imperial Bank of Commerce, 2021 CanLII 63016

Carlo Rossi

34 cases2010–2021

Andrew Morganti

Amanda McLachlan

6 cases2013–2025

Alvin Qian

34 cases2017–2026

Alan P. Gardner

7 cases2001–2023

Timothy Moseley

M. Cecilia Williams

Lawrence P. Haber

OCMTCapital Markets TribunalApr 13, 2021

Application to vary settlement order granted; service waived and intervenor status denied.

Katanga Mining Limited applied to vary a 2018 settlement order requiring an external review of its accounting practices, which was substantially complete but delayed by the pandemic.

Staff of the Commission consented to the variation.

The Commission waived service on the individual respondents, dismissed a former investor's request for intervenor status, and granted the variation, allowing the review to conclude on terms acceptable to Katanga and the consultant.

Katanga Mining Limited (Re), 2021 ONSEC 11

James Camp

20 cases2007–2023

Dihim Emami

Practising Law - Employed12 cases2012–2026

Timothy Moseley

M. Cecilia Williams

Lawrence P. Haber

OCMTCapital Markets TribunalApr 1, 2021

Permanent market bans, $8.7M disgorgement, and $2.1M in administrative penalties ordered for $11M mortgage investment fraud.

Following a merits hearing where the respondents were found to have engaged in unregistered trading, illegal distributions, and fraud by raising approximately $11 million from investors, the Ontario Securities Commission held a sanctions and costs hearing.

The Commission ordered permanent market bans against the respondents, with limited carve-outs.

The respondents were ordered to jointly and severally disgorge $8,711,138, representing the funds obtained through non-compliance less amounts loaned in conformance with investor promises.

Administrative penalties of $750,000 each were imposed on Morteza Katebian and Money Gate Corp., and $600,000 on Payam Katebian.

The respondents were also ordered to pay $597,122.58 in costs.

Money Gate Mortgage Investment Corporation (Re), 2021 ONSEC 10

Trevor Fairlie

In Private Practice17 cases2014–2025

Sylvia Samuel

4 cases2004–2021

Joseph Groia

85 cases1999–2026

Gavin MacKenzie

6 cases2020–2026

Andrew Werbowski

4 cases2009–2021

Alexandra Matushenko

Timothy Moseley

OCMTCapital Markets TribunalMar 17, 2021

IIROC has authority to order electronic hearings; videoconference satisfies the right to be heard in person.

The applicant sought a review of an IIROC hearing panel decision that ordered his merits hearing to proceed electronically by videoconference due to the COVID-19 pandemic.

The applicant argued that IIROC lacked jurisdiction to change the hearing mode over his objection and that the IIROC Rules entitled him to an in-person oral hearing.

The Ontario Securities Commission upheld the IIROC decision, finding that the IIROC Rules permit a hearing panel to choose the hearing mode and that a videoconference hearing satisfies a respondent's entitlement to attend and be heard 'in person'.

Ziaian (Re), 2021 ONSEC 9

Yvonne Chisholm

25 cases2004–2021

Steve Tenai

In Private Practice31 cases2004–2024

Robert Staley

6 cases2005–2023

Richard Swan

Paul Steep

44 cases2000–2026

Nathan Shaheen

In Private Practice37 cases2015–2026

Naizam Kanji

23 cases2005–2021

Kristopher Hanc

3 cases2011–2021

Jason Koskela

16 cases2009–2026

Hansen Wong

16 cases2019–2026

Graham Gow

2 cases2005–2021

Elana Friedman

2 cases2021–2022

Anu Koshal

Andrew McCoomb

In Private Practice47 cases2013–2026

Wendy Berman

OCMT0 cases2020–2022

Timothy Moseley

Frances Kordyback

OCMTCapital Markets TribunalFeb 23, 2021

Application for exemptive relief from minimum tender requirement in take-over bid dismissed.

ESW Capital, LLC applied for exemptive relief from the minimum tender requirement under the Securities Act in connection with its proposed take-over bid for Optiva Inc. The proposed bid was opposed by two other control block shareholders, Maple Rock and EdgePoint, who announced they would not tender their shares.

ESW sought to exclude their shares from the minimum tender calculation.

The Ontario Securities Commission dismissed the application, finding no exceptional circumstances or abusive conduct by the target, bidder, or control block shareholders that would warrant altering the recalibrated bid regime and undermining minority shareholder choice.

ESW Capital, LLC (Re), 2021 ONSEC 7

Sara J. Erskine

98 cases2003–2026

Patrick J. Sullivan

In Private Practice17 cases2014–2025

Alexandra Matushenko

Timothy Moseley

OCMTCapital Markets TribunalFeb 8, 2021

Raymond Kindiak

OCMT0 cases2019–2021

Heather Zordel

OCMT0 cases2007–2022

Settlement approved for unregistered trading and breach of cease trade order.

Staff of the Ontario Securities Commission alleged that the respondents breached a cease trade order, engaged in unregistered trading, and distributed securities without a prospectus.

The individual respondents admitted to the contraventions and entered into a settlement agreement with Staff.

The Commission approved the settlement, finding the agreed sanctions—including a $30,000 administrative penalty, $10,000 in costs, and a four-year market ban for each individual respondent—to be reasonable and in the public interest.

Threegold Resources Inc. (Re), 2021 ONSEC 5

Lynda Morgan

5 cases2020–2026

Christina Galbraith

33 cases2016–2022

Timothy Moseley

Raymond Kindiak

OCMT0 cases2019–2021

Frances Kordyback

OCMTCapital Markets TribunalJan 20, 2021

Settlement approved for former CEO who issued false press releases and engaged in insider trading.

Staff of the Ontario Securities Commission and the respondent, the former CEO of Inspiration Mining Corporation, sought approval of a settlement agreement.

The respondent admitted to issuing false and misleading press releases regarding purported negotiations in the cannabis industry and engaging in improper insider trading by selling shares while in possession of material undisclosed facts, realizing a gain of approximately $100,000.

He also failed to file required insider reports.

The Commission approved the settlement, finding the agreed sanctions—including a ten-year market ban, disgorgement of $97,070.82, an administrative penalty of $92,929.18, and $10,000 in costs—to be a reasonable response to the serious misconduct and in the public interest.

Staff of the Commission v. David Randall Miller, 2021 ONSEC 3

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

Andrea L. Burke

8 cases2004–2023

Abhishek Vaidyanathan

In Private Practice4 cases2020–2021

Timothy Moseley

OCMTCapital Markets TribunalJan 18, 2021

Expert report ruled inadmissible at preliminary stage as opinions were either rendered irrelevant by waiver or unnecessary.

Staff of the Ontario Securities Commission brought a motion to adduce an expert report at an upcoming merits hearing regarding alleged misleading statements and fraud by the respondents in relation to a solar energy investment fund.

The respondents objected to the report's admissibility.

The Commission first determined that it was appropriate to decide the admissibility issue at a preliminary stage before the merits hearing, applying the Mega-C test.

On the merits of the admissibility, the Commission held that the expert's opinions on solar industry norms were rendered irrelevant by the respondents' undertaking not to lead evidence or make submissions on those points.

The expert's opinion on the reasonable expectations of investors was deemed unnecessary as it fell within the Commission's own expertise.

Consequently, the expert report was ruled inadmissible.

Solar Income Fund Inc. (Re), 2021 ONSEC 2

Chris Somerville

4 cases2017–2023

Anna Huculak

20 cases2014–2024

Timothy Moseley

M. Cecilia Williams