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Securities Commission imposes permanent and 10-year market bans following respondent's criminal conviction for investment fraud.
Following his criminal conviction for fraud relating to the Greyhawk Millenium investment fund, Staff of the Ontario Securities Commission sought permanent market bans against the respondent under s. 127(10) of the Securities Act.
The Commission found that the respondent's conviction arose from a course of conduct related to securities, as the investments met the test for an investment contract.
While the respondent's misconduct caused significant losses and involved falsified documents, the Commission noted his full cooperation and genuine remorse as mitigating factors.
The Commission ordered permanent bans on the respondent acting as a registrant, investment fund manager, or promoter, but limited the trading and director/officer bans to 10 years with exceptions allowing him to provide for his family.
