Settlement approved imposing permanent market bans for $90M securities fraud; no disgorgement ordered due to bankruptcy.
The Ontario Securities Commission sought approval of a settlement agreement with the respondent, who admitted to committing fraud and violating registration and prospectus requirements by selling and brokering promissory notes for real estate projects.
The respondent continued to accept investor funds despite knowing the severe liquidity issues of the companies involved, resulting in approximately $90 million in investor losses and her subsequent bankruptcy.
The Tribunal approved the settlement, which included permanent market participation bans but no disgorgement order, noting that a disgorgement order could compete with investor recovery in ongoing civil proceedings.
Summary judgment granted for unpaid sports facility license fees during COVID-19 closures; 'pay-if-available' interpretation rejected.
The plaintiff, Extreme Toronto Sports Club (XTSC), held license agreements for sports facilities managed by the defendant, Razor Management Inc. During the COVID-19 pandemic, the facilities were closed or restricted.
XTSC stopped paying license fees, arguing the agreements were 'pay-if-available'.
Razor terminated the agreements for non-payment and counterclaimed for arrears.
On a motion for summary judgment, the court found the agreements required payment for allocated time regardless of availability, subject only to specific bargained-for exceptions.
Razor's termination was valid, and summary judgment was granted for Razor on its counterclaim for $338,984.20.
XTSC's claim for wrongful termination was dismissed.
