The appellant appealed a decision of the Ontario Securities Commission that set aside a decision of the IDA District Council and substituted a harsher penalty for his involvement in facilitating a market manipulation scheme.
The Divisional Court dismissed the appeal, finding that the Commission applied the correct standard of review, properly concluded that the District Council misapprehended material evidence, and reasonably substituted its view of the public interest in imposing a severe penalty including a fine and suspension.
