Timothy Moseley

Kevin Richard

52 cases2008–2026

Charlie Pettypiece

10 cases2015–2026

Alysha Shore

77 cases2013–2026

Timothy Moseley

OCMTCapital Markets TribunalSep 11, 2020

Merits hearing ordered to proceed by videoconference as respondents failed to show significant prejudice.

In an enforcement proceeding, the respondents objected to the Commission's intention to conduct the merits hearing by videoconference due to the COVID-19 pandemic.

The respondents argued that a videoconference hearing would be unfair, slower, more expensive, and inadequate for assessing credibility.

The Commission held that proceeding by videoconference is consistent with the objective of conducting proceedings expeditiously and cost-effectively.

The respondents failed to establish that an electronic hearing would cause them significant prejudice under section 5.2(2) of the Statutory Powers Procedure Act.

The Commission ordered the merits hearing to proceed by videoconference.

First Global Data Ltd (Re), 2020 ONSEC 23

Robert Stellick

16 cases2020–2024

Rikin Morzaria

26 cases2004–2024

Timothy Moseley

OCMTCapital Markets TribunalAug 18, 2020

Commission lacks jurisdiction to declare summons compliance doesn't breach employment contract; s. 17 disclosure order granted.

The applicant received a summons to testify in an ongoing investigation by Staff of the Ontario Securities Commission.

The applicant wished to cooperate but was concerned that testifying would violate a confidentiality clause in their employment contract.

The applicant sought an order from the Commission directing that testifying would not breach the contract, or alternatively, an order under s. 17 of the Securities Act authorizing the disclosure of the investigation to the Superior Court of Justice to seek such a declaration.

The Commission held it lacked jurisdiction to make binding declarations of right regarding the employment contract.

However, the Commission granted the s. 17 order, finding it in the public interest to allow the applicant to seek directions from the court on a confidential basis.

B (Re), 2020 ONSEC 21

Vivian Lee

Emily Lam

12 cases2012–2026

Timothy Moseley

OCMTCapital Markets TribunalJul 13, 2020

Permanent market bans ordered on consent following respondent's criminal conviction for securities fraud.

Staff of the Ontario Securities Commission sought an inter-jurisdictional enforcement order against the respondent under s. 127(10) of the Securities Act, following his criminal conviction for fraud over $5,000.

The respondent, who had misappropriated investor funds raised for a diamond mining company, consented to the requested order.

The Commission found that the conviction arose from a course of conduct related to securities and that it was in the public interest to permanently prohibit the respondent from participating in Ontario's capital markets, subject to limited exceptions for personal trading.

Pasyk (Re), 2020 ONSEC 18

Vivian Lee

Mark Bailey

Timothy Moseley

Heather Zordel

Garnet W. Fenn

OCMTCapital Markets TribunalMay 19, 2020

Expert opinion evidence on mortgage underwriting practices admitted in writing subject to necessity limitations.

During a merits hearing interrupted by the COVID-19 pandemic, Staff of the Ontario Securities Commission sought to admit the expert opinion evidence of a mortgage underwriting expert in writing.

The respondents did not challenge the expert's qualifications.

The Commission admitted the expert evidence, finding it relevant and necessary to explain industry practices and assess the respondents' policies against those practices, but excluded portions of the report that went beyond the Commission's need for expert assistance, such as interpreting specific fund documents or assessing the ultimate use of funds.

Paramount (Re), 2020 ONSEC 12

Usman M. Sheikh

10 cases2008–2020

Andrew Locatelli

In Private Practice19 cases2020–2026

Alvin Qian

34 cases2017–2026

Timothy Moseley

OCMTCapital Markets TribunalMar 23, 2020

Settlement approved for unregistered trading of $26 million in preferred shares; $400,000 penalty imposed.

Staff of the Ontario Securities Commission alleged that Kuber Mortgage Investment Corporation and Sutharsan Kunaratnam engaged in unregistered trading by selling approximately $26 million worth of preferred shares to 200 investors without an available exemption.

The parties entered into a settlement agreement, which included a $400,000 administrative penalty, $30,000 in costs, a reprimand, and undertakings to remediate the conduct.

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

Kuber Mortgage Investment Corporation (Re), 2020 ONSEC 10

Vivian Lee

Mark Bailey

Timothy Moseley

Heather Zordel

Garnet W. Fenn

OCMTCapital Markets TribunalMar 23, 2020

Merits hearing interrupted by COVID-19 ordered to proceed in writing rather than be adjourned.

The merits hearing in this proceeding was interrupted by the COVID-19 pandemic.

The Commission suspended in-person hearings and invited submissions on how to proceed.

Staff proposed submitting the remainder of its evidence in writing, while two respondents requested an adjournment.

The Commission declined to adjourn the hearing, finding that proceeding in writing was permissible, efficient, and caused no prejudice to the respondents.

The Commission ordered Staff to file its remaining evidence in writing, after which the respondents could request cross-examination by videoconference.

Paramount (Re), 2020 ONSEC 9

Vivian Lee

Mark Bailey

Timothy Moseley

Heather Zordel

Garnet W. Fenn

OCMTCapital Markets TribunalMar 5, 2020

Motion to adjourn merits hearing granted in part to accommodate notice period for amendment motion.

Staff of the Ontario Securities Commission brought a motion to amend the Amended Statement of Allegations to add a request for a disgorgement order against the individual respondents, and to adjourn the commencement of the merits hearing to allow time to serve one of the respondents.

The Commission found that Staff's inadvertent omission of the disgorgement request did not constitute exceptional circumstances justifying a lengthy adjournment.

However, because Staff committed to completing its case in six days, the Commission was able to adjust the hearing schedule to allow the required notice period for the amendment motion without delaying the conclusion of the merits hearing or disrupting the scheduled testimony of a participating respondent.

Paramount (Re), 2020 ONSEC 7

Anna Huculak

20 cases2014–2024

Timothy Moseley

OCMTCapital Markets TribunalJan 15, 2020

M. Cecilia Williams

OCMT0 cases2018–2026

Mary Anne De Monte-Whelan

OCMT0 cases2019–2022

MOAG and its directors contravened Ontario securities law by trading debentures in breach of a cease trade order.

Staff of the Ontario Securities Commission alleged that MOAG Copper Gold Resources Inc. and its directors, Gary Brown and Bradley Jones, violated a temporary cease trade order by issuing and selling approximately US$7.4 million in convertible debentures to Taiwan residents.

The Commission found that the issuance of both new debentures for cash and rolled debentures in exchange for forbearance of repayment constituted trades in securities.

The Commission further found that Brown and Jones engaged in acts in furtherance of these trades, thereby contravening Ontario securities law.

MOAG Copper Gold Resources Inc (Re), 2020 ONSEC 3

Robert L. Gain

9 cases2011–2020

Melissa Feriozzo

2 cases2020–2020

Doug McLeod

In Private Practice44 cases2011–2026

Anna Huculak

20 cases2014–2024

Timothy Moseley

OCMTCapital Markets TribunalJan 3, 2020

Motion for further and better witness summaries dismissed as premature at the pre-hearing stage.

Staff of the Ontario Securities Commission brought a motion seeking an order requiring BDO Canada LLP to deliver further and better witness summaries prior to a merits hearing.

Staff argued the summaries failed to disclose the substance of the anticipated evidence and did not properly identify the documents to which the witnesses would refer.

The Commission dismissed the motion, finding that at the pre-hearing stage, the summaries could not be deemed deficient on their face, particularly given BDO's concession that certain broad language in the summaries was nominal and of no real value.

BDO Canada LLP (Re), 2020 ONSEC 2

Matthew Britton

45 cases2000–2020

Asli Eke

1 case2020–2020

Timothy Moseley

OCMTCapital Markets TribunalJan 2, 2020

Respondent ordered to pay $300,000 penalty and $128,000 disgorgement for illegal insider trading.

Following a merits decision finding that the respondent engaged in illegal insider trading, the Ontario Securities Commission held a hearing in writing to determine sanctions and costs.

The respondent, an experienced professional trader, had induced a legal assistant to provide material non-public information about pending corporate acquisitions, realizing a profit of $128,000.

The Commission found the misconduct to be serious, deliberate, and motivated solely by profit.

The Commission ordered a 15-year ban on the respondent's participation in the capital markets, an administrative penalty of $300,000, disgorgement of $128,000, and costs of $47,500.

Hutchinson (Re), 2020 ONSEC 1

Jamie Gibson

8 cases2018–2026

James Camp

20 cases2007–2023

Dihim Emami

Practising Law - Employed12 cases2012–2026

Anisah Hassan

17 cases2016–2024

Timothy Moseley

OCMTCapital Markets TribunalDec 17, 2019

M. Cecilia Williams

OCMT0 cases2018–2026

Lawrence P. Haber

OCMT0 cases2018–2022

Respondents found to have engaged in unregistered trading, illegal distributions, and fraud on investors.

Staff of the Ontario Securities Commission alleged that Money Gate Mortgage Investment Corporation (MGMIC), Money Gate Corp. (MGC), Morteza (Ben) Katebian, and Payam Katebian engaged in unregistered trading, illegal distributions, and fraud.

The Commission found that MGMIC, Ben, and Payam engaged in the business of trading in securities without registration and distributed securities without a prospectus or valid exemptions.

Furthermore, the Commission concluded that all four respondents perpetrated a fraud on investors by failing to disclose the true nature of MGMIC's operations, failing to abide by lending parameters, and improperly diverting loan advances to the benefit of the respondents or their controlled companies.

Money Gate Mortgage Investment Corporation (Re), 2019 ONSEC 40

Vivian Lee

Adam Chisholm

5 cases2018–2026

Timothy Moseley

Raymond Kindiak

OCMT0 cases2019–2021

Garnet W. Fenn

OCMTCapital Markets TribunalJul 25, 2019

No-contest settlement approved for unregistered offshore trading platform; respondent to pay over $4.6 million.

The Ontario Securities Commission approved a no-contest settlement agreement between Staff and International Capital Markets Pty.

Ltd. (ICM), an Australian over-the-counter derivatives issuer.

Staff alleged that ICM breached the registration and prospectus requirements of the Securities Act by opening accounts for Ontario investors to trade contracts for differences without being registered or filing a prospectus.

ICM agreed to cease doing business in Ontario, return funds to investors, and pay US$4 million reflecting revenue generated, plus C$650,000 to advance the Commission's mandate and C$25,000 in costs.

The Commission found the settlement to be in the public interest given ICM's exemplary cooperation and the inadvertent nature of the misconduct.

International Capital Markets Pty. Ltd. (Re), 2019 ONSEC 28

Vivian Lee

Lia Bruschetta

14 cases2012–2024

Lawrence E. Ritchie

17 cases1992–2026

Gavin Smyth

9 cases2006–2019

Timothy Moseley

Poonam Puri

OCMT0 cases2012–2019

Heather Zordel

OCMTCapital Markets TribunalJul 24, 2019

Settlement approved for offshore entity's unregistered trading and illegal distribution of CFDs to Ontario investors.

Ava Trade Ltd., a British Virgin Islands-based entity, opened and operated approximately 1400 accounts for Ontario investors to trade contracts for differences (CFDs) without being registered or filing a prospectus.

Staff of the Commission and Ava Trade reached a settlement agreement acknowledging these breaches of the Securities Act.

The Commission approved the settlement, which included an administrative penalty of $550,000, disgorgement of $3.7 million, and costs of $25,000, finding it to be in the public interest.

Ava Trade Ltd. (Re), 2019 ONSEC 27

Shane D'Souza

59 cases2012–2026

René Sorell

1 case2019–2019

Raphael Eghan

7 cases2017–2019

Derek Ferris

25 cases2007–2025

Timothy Moseley

OCMTCapital Markets TribunalJul 19, 2019

Settlement approved for portfolio manager's failure to meet best execution obligations and related violations.

Staff of the Commission and Caldwell Investment Management Ltd. (CIM) jointly submitted a settlement agreement for approval.

CIM admitted to failing to meet its best execution obligations over a four-year period by directing trades to a related firm, resulting in higher commission rates and bond spreads for its clients.

CIM also admitted to making misleading statements, having inadequate policies, and providing insufficient information to its Independent Review Committees.

The Commission approved the settlement, which included an administrative penalty of $1.8 million, costs of $250,000, and terms and conditions on CIM's registration requiring an independent consultant to review its policies.

Caldwell Investment Management Ltd. (Re), 2019 ONSEC 25

Robert L. Gain

9 cases2011–2020

Eric Leinveer

1 case2019–2019

Doug McLeod

In Private Practice44 cases2011–2026

Anna Huculak

20 cases2014–2024

Timothy Moseley

OCMTCapital Markets TribunalJun 6, 2019

Motion for further disclosure dismissed; compliance review files not relevant to auditor negligence allegations.

In an enforcement proceeding against BDO Canada LLP for alleged failures to comply with generally accepted auditing standards (GAAS) during its audits of Crystal Wealth Management Systems Limited, BDO brought a motion seeking further disclosure from Staff of the Ontario Securities Commission.

BDO sought disclosure of files relating to compliance reviews of Crystal Wealth conducted by OSC and BCSC Staff, as well as documents pre-dating January 1, 2012.

The Commission dismissed the motion, finding that the compliance reviews were not relevant to the allegations against BDO, as they served a different purpose and were not connected to BDO's compliance with GAAS.

The Commission also found no basis to require disclosure of documents older than three years before the impugned audits.

BDO Canada LLP (Re), 2019 ONSEC 21

Matthew H. Britton

7 cases2007–2019

Kevin Richard

52 cases2008–2026

Timothy Moseley

Heather Zordel

OCMTCapital Markets TribunalMay 21, 2019

Garnet Fenn

OCMT1 case2012–2024

Settlement approved for former director who traded shares while possessing material non-public information.

The Ontario Securities Commission approved a settlement agreement between Staff and Martin Bernholtz, a former director of Titan Medical Inc. Bernholtz admitted to selling shares of Titan while in possession of material non-public information regarding imminent public offerings, contrary to the public interest and the company's insider trading policy.

The settlement included a voluntary payment of $225,000, costs of $75,000, and various director and trading bans.

Bernholtz (Re), 2019 ONSEC 16

Veronica Sjolin

9 cases2018–2025

Usman Sheikh

In Private Practice14 cases2007–2023

Steven Sofer

8 cases2007–2023

James D.G. Douglas

27 cases2005–2023

Carlo Rossi

34 cases2010–2021

Timothy Moseley

OCMTCapital Markets TribunalMay 13, 2019

Settlement approved for misleading statements in offering memoranda; respondents to pay $1 million in penalties.

Staff of the Ontario Securities Commission alleged that NextBlock Global Limited and its CEO, Alex Tapscott, made misleading statements in slide deck presentations used to solicit investments in a private placement.

The respondents admitted that the slide decks constituted offering memoranda and falsely represented that certain prominent individuals were advisors to NextBlock.

The Commission approved a settlement agreement wherein NextBlock agreed to pay a $700,000 administrative penalty and $100,000 in costs, and Tapscott agreed to pay a $300,000 administrative penalty, publish an open letter, and deliver ethics presentations to business students.

The Commission found the settlement to be in the public interest, noting mitigating factors including the return of investments with profit, cooperation with Staff, and Tapscott's lack of prior disciplinary record.

NextBlock Global Limited (Re), 2019 ONSEC 14

Alexandra Matushenko

In Private Practice17 cases2014–2025

Timothy Moseley

OCMTCapital Markets TribunalFeb 22, 2019

Permanent cease trade order issued against USI-Tech based on reciprocal inter-jurisdictional enforcement of Québec decision.

Staff of the Ontario Securities Commission applied for an inter-jurisdictional order under s. 127(10) of the Securities Act against USI-Tech Limited, relying on a decision by Québec's Tribunal administratif des marchés financiers (TMF).

The TMF had found that USI-Tech engaged in unregistered dealing and illegal distribution of securities related to cryptocurrency products.

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

The Commission permanently prohibited USI-Tech from trading in or acquiring securities, and from trading in derivatives, to protect Ontario investors and capital markets.

USI-Tech Ltd (Re), 2019 ONSEC 11

Laura Paglia

Not Practising Law - Employed11 cases2005–2019

Christina Galbraith

33 cases2016–2022

Timothy Moseley