The appellants appealed the Ontario Securities Commission's decisions finding them liable for securities fraud and imposing severe sanctions, including lifetime trading bans, disgorgement, and administrative penalties.
The appellants argued that the presiding commissioner was biased, that their counsel at the hearing was incompetent and in a conflict of interest, and that the findings of fraud and the penalties were unreasonable.
The Divisional Court dismissed the appeal, finding no reasonable apprehension of bias, rejecting the fresh evidence regarding counsel's competence as it would not have affected the outcome, and concluding that the Commission's findings on fraud and sanctions were reasonable and supported by the evidence.
