Vern Krishna

The Ontario Securities Commission alleged that the Respondents engaged in unregistered trading and advising in commodity futures contracts, made misleading statements to Staff, and acted contrary to the public interest.

The Respondents operated a trading school and assisted students in opening trading accounts with specific brokers, receiving undisclosed referral commissions.

Khan also traded on behalf of clients in managed accounts and provided live trading advice.

The Commission found that the Respondents breached the registration requirements of the Commodity Futures Act, made untrue statements during the investigation, and breached a prior undertaking, all of which constituted conduct contrary to the public interest.

Following a merits decision finding that the respondents engaged in unregistered advising and made misleading statements to Staff, the Ontario Securities Commission held a hearing on sanctions and costs.

The Commission ordered 15-year trading and acquisition bans against the respondents, administrative penalties of $200,000 against Doulis and $100,000 against Liberty, and disgorgement of $37,317 CAD and $8,454 USD.

The respondents were also ordered to pay $198,619.78 in costs.

The applicants, on behalf of various mutual funds and pooled funds, applied for exemptive relief from the Related Securityholder Requirements and Related Issuer Requirements.

The relief sought to permit the funds to invest in non-exchange-traded debt securities of related issuers in primary offerings and the secondary market, provided the securities have a designated rating.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval and pricing requirements.

The applicant applied to the Ontario Securities Commission and other jurisdictions for a decision that it is no longer a reporting issuer.

The applicant had redeemed all its common shares, leaving a single shareholder and fewer than 51 securityholders worldwide.

Although the applicant was in default of its most recent interim filing obligations, the Commission granted the exemptive relief sought, allowing the applicant to cease being a reporting issuer.

The Applicant, a registered broker-dealer in the U.S., applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and OSC Rule 45-501 when offering foreign securities to Canadian permitted clients on a private placement basis.

The Commission granted the relief, allowing the Applicant to provide U.S. registered offering disclosure regarding underwriter conflicts of interest instead of the Canadian specific disclosure, and exempting the Applicant from including the statutory right of action disclosure in the offering memorandum, subject to certain conditions including providing a notice to clients.

The Filer, Interactive Brokers Canada Inc., applied for a decision to be exempt from the prospectus requirement in respect of the distribution of over-the-counter foreign exchange contracts to investors resident in Canada.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Filer remains registered as an investment dealer, complies with IIROC rules, and provides clients with a risk disclosure document prior to their first transaction.

Diversinet Corp. applied to the Ontario Securities Commission for a decision that it be deemed to have ceased to be a reporting issuer.

The Filer had previously announced a voluntary winding-up, delisted its shares, and appointed a liquidator.

The Commission granted the requested exemptive relief, deeming the Filer to have ceased to be a reporting issuer.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of itself and certain investment funds it manages.

The requested relief sought exemptions from the related issuer investment restrictions under the Securities Act and the consent requirements under National Instrument 31-103 to permit a fund-on-fund structure.

The Commission granted the requested relief, subject to conditions including prospectus exemption compliance, fee duplication avoidance, and specific disclosure requirements.

Following a merits hearing where the respondents were found to have engaged in a fraudulent boiler room scheme that raised approximately $18 million from investors, the Ontario Securities Commission held a sanctions and costs hearing.

The Commission ordered permanent market participation bans against the individual respondents.

It also ordered disgorgement of approximately $16.7 million, representing the amounts obtained by the respondents as a result of their non-compliance with Ontario securities law.

Administrative penalties totaling over $5.6 million were imposed to provide specific and general deterrence.

Finally, the Commission ordered the respondents to pay $344,500 towards the costs of the investigation and hearing.

The Filer applied for exemptive relief from the mutual fund conflict of interest restrictions in the Securities Act and the self-dealing prohibition in National Instrument 31-103.

The relief was sought to allow the Top Funds to invest in the Underlying Funds, which are under common management by the Filer or its affiliates.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Top Funds are distributed solely pursuant to prospectus exemptions, the investments are compatible with the Top Funds' fundamental objectives, and there is no duplication of management or incentive fees.

The Filer, West Street Capital Corporation, applied for a decision that it is no longer a reporting issuer in the applicable jurisdictions.

Following a take-over bid and subsequent amalgamation, all of the Filer's common shares became beneficially owned by Brookfield Asset Management Inc. and its subsidiaries.

The Filer had fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.

Although the Filer was in default of its obligation to file interim financial statements and related documents for the period ended September 30, 2013, the default occurred because the amalgamation became effective on the filing deadline.

The Ontario Securities Commission, as principal regulator, granted the requested exemptive relief.

The applicant sought exemptive relief from the prospectus requirement and waiting period communication restrictions under the Securities Act in connection with the use of road show materials during a U.S. cross-border offering.

The applicant argued that if National Instrument 41-101 applied, it would meet the exemption requirements for marketing materials, but NI 71-101 states NI 41-101 does not apply to MJDS offerings.

The principal regulator granted the requested relief.

The Filer, a mutual fund manager, applied for exemptive relief from subsection 5.1(a) of National Instrument 81-105 to permit it to pay participating dealers for direct costs incurred relating to cooperative marketing initiatives.

The relief was sought specifically for initiatives where the primary purpose is to provide educational information concerning financial, tax, or estate planning matters.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the information is purely educational, no sales are required, and appropriate disclosures are made.

Following a merits hearing where the individual respondents were found to have engaged in unregistered trading and fraudulent conduct in relation to a corporate hijacking scheme, the Commission held a hearing to determine sanctions and costs.

The respondents failed to attend despite receiving notice, and the hearing proceeded in their absence.

The Commission found their conduct to be egregious and ordered 15-year market bans, administrative penalties of $100,000 for Khodjaiants and $75,000 for Dubinsky, and disgorgement of the funds obtained through the scheme.

The respondents were also ordered to pay $263,708.53 in costs on a joint and several basis.

Permanent cease trade orders were also issued against the corporate respondents.

Staff of the Ontario Securities Commission sought sanctions and costs against Medra following a merits decision finding that Medra engaged in unregistered trading, illegal distribution, and fraud.

The Commission ordered permanent market bans and a $400,000 administrative penalty against Medra.

Staff's request for a disgorgement order of over $7.4 million was dismissed because the amount had already been accounted for in a disgorgement order against Medra's directing mind in a prior settlement.

Medra was also ordered to pay costs of $69,528.75.

Sandstorm Gold Ltd. and its wholly-owned subsidiary, Premier Royalty Inc., applied for exemptive relief from continuous disclosure, certification, and insider reporting requirements for Premier.

Following a plan of arrangement, Premier became a wholly-owned subsidiary of Sandstorm, with its outstanding warrants and options exercisable into Sandstorm shares.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that Sandstorm remains a reporting issuer, files its continuous disclosure documents, and concurrently sends relevant disclosure materials to Premier's warrantholders and optionholders.

The applicant, an Australian-based mining company, applied for a decision that it is no longer a reporting issuer in the applicable Canadian jurisdictions.

The applicant's shares were delisted from the TSX in 2012 and continue to trade on the ASX.

Based on extensive share register analysis, the applicant demonstrated that Canadian residents do not beneficially own more than 2% of its outstanding securities worldwide, nor do they comprise more than 2% of its total securityholders.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief.

The Applicants, a group of dealers, applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and OSC Rule 45-501 when offering foreign securities to permitted clients in Canada on a private placement basis.

The Applicants sought to replace a previous decision to expand the relief to include offerings of investment fund securities.

The Ontario Securities Commission and Coordinated Exemptive Relief Decision Makers granted the requested relief, exempting the Applicants from providing Canadian-specific connected issuer, related issuer, and statutory right of action disclosure in foreign offering documents, provided that U.S. registered offering disclosure standards are met and certain notice and consent conditions are satisfied.

The Ontario Securities Commission held a merits hearing regarding allegations of illegal distribution and fraud against the respondents.

The respondents were involved in a corporate hijacking scheme where dormant companies were reincorporated, and new shares were issued and deposited into trading accounts.

The respondents then liquidated these shares in large volumes.

The Commission found that the respondents traded securities without a prospectus, contrary to s. 53(1) of the Securities Act, and engaged in fraudulent conduct by depositing and selling shares they knew or ought to have known were part of a scheme to defraud investors, contrary to s. 126.1(b).

Allegations of market manipulation under s. 126.1(a) were not established.

The Applicants, registered broker-dealers, applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and OSC Rule 45-501 when offering foreign securities to Canadian permitted clients on a private placement basis.

The requested relief included exemptions from providing Canadian-specific connected and related issuer disclosure, and statutory right of action disclosure, provided that U.S. registered offering disclosure standards are met and purchasers receive a specific notice.

The principal regulator and coordinated review decision makers granted the requested exemptions, subject to conditions including the delivery of a notice to purchasers and monthly reporting of distributions.