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Motion for stay of OSC proceedings pending judicial review dismissed for lack of exceptional circumstances.
The applicant sought a stay of ongoing Ontario Securities Commission (OSC) proceedings pending an application for judicial review, alleging bias based on public comments made by the OSC Chair.
The OSC brought a cross-motion to quash the judicial review application for prematurity.
The single judge of the Divisional Court dismissed the motion to quash, holding that prematurity should be decided by the full panel.
The judge also dismissed the motion for a stay, finding no exceptional circumstances to justify departing from the general rule that tribunal proceedings should be completed before judicial review is entertained.
Application to prohibit securities commission hearing dismissed as premature; bias allegations must be raised before tribunal.
The applicant, a former officer of Nortel, sought judicial review to prohibit the Ontario Securities Commission from proceeding with a hearing against him.
He argued that the Commission's prior settlement with Nortel, which included admissions of misconduct by its managers, created a reasonable apprehension of bias against him.
The Divisional Court dismissed the application as premature, finding no exceptional circumstances to justify fragmenting the administrative proceedings before the Commission had an opportunity to consider the matter and hear evidence regarding the applicant's actual role.
Respondent sanctioned with 10-year market bans and costs for breaching previous settlement agreement and cease trade order.
The respondent was alleged to have breached a previous Commission order and settlement agreement by trading shares while subject to a cease trade order, failing to provide a copy of the order to registrants, and making false statements to Staff regarding his assets.
The Commission found that the respondent committed the alleged breaches.
In determining sanctions, the Commission considered the respondent's repeated disregard for Commission orders and attempts to conceal his actions as aggravating factors.
The Commission ordered a 10-year cease trade and director/officer ban, and ordered the respondent to pay $15,000 in costs.
Settlement approved imposing trading bans, a $32,000 penalty, and costs for failing to file insider reports.
The Ontario Securities Commission held a hearing to consider sanctions against the respondent for failing to file required insider trading reports, which also constituted a breach of a previous settlement agreement.
The panel approved a settlement agreement between Staff and the respondent, finding it in the public interest.
The respondent was ordered to cease trading in certain securities, reprimanded, and ordered to pay an administrative penalty of $32,000 and costs of $5,000.
