Following a merits decision finding that the respondents engaged in unregistered trading, illegal distributions, and in some cases fraud, the Ontario Securities Commission determined the appropriate sanctions and costs.
Although investors did not lose money because the principal respondents voluntarily repaid the capital with 18% interest, the Commission imposed significant administrative penalties, trading bans, and director/officer bans to deter future misconduct.
Disgorgement was not ordered.
Costs of $180,000 were awarded against the principal respondents.
