J. Naster

The offender pleaded guilty to contravening Ontario Securities law by acting as a general manager of a transfer agency while subject to a prohibition order.

The Crown sought a fine and probation, while the defence sought a suspended sentence and probation.

The court found that the offender's conduct was a mistake of law, openly disclosed, and resulted in no financial loss to anyone.

Considering the offender's severe financial hardship, remorse, and a suicide attempt upon learning of the investigation, the court applied the principles of proportionality and restraint, concluding that a fine would be unfit.

A suspended sentence with two years of probation was imposed.

The defendants were charged with creating an unauthorized security interest in a credit union contrary to the Credit Unions and Caisses Populaires Act.

They brought a motion to quash the Information, arguing it was laid outside the two-year statutory limitation period.

The court found that the regulatory agency had knowledge of the material facts more than three years before the charge was laid, and that the failure to share this information with the Superintendent in a timely manner frustrated the limitation period.

The motion was granted, the Information was quashed, and the charges were dismissed.