Lawrence Ritchie

The Ontario Securities Commission alleged that the respondents, as officers and/or directors of a publicly listed reporting issuer, authorized the company's failure to disclose their receipt of shares and report an acquisition as a related party transaction.

The parties reached settlement agreements wherein the respondents admitted to authorizing the non-compliance and agreed to significant financial penalties, disgorgement, and market bans.

The Capital Markets Tribunal approved the settlements, finding them reasonable, in the public interest, and sufficient for specific and general deterrence.

The applicant and the respondent sought approval of a settlement agreement regarding allegations that the respondent maintained inadequate controls over marketplace participants' confidential order and trade information, contrary to National Instrument 21-101.

The respondent self-identified the issue but initially failed to promptly advise the regulator of the true nature of the problem.

The Tribunal approved the settlement, finding the agreed sanctions—including a $600,000 administrative penalty, $75,000 in costs, a reprimand, and an independent external review—to be within a reasonable range and in the public interest.

The Ontario Securities Commission sought sanctions and costs against Michael Paul Kraft and Michael Brian Stein following a merits decision that found Kraft engaged in illegal tipping and Stein in insider trading.

The Capital Markets Tribunal ordered market participation bans, administrative penalties, disgorgement, and costs against both respondents.

Kraft was ordered to pay a $200,000 administrative penalty and $150,000 in costs, and was subject to four-year director and officer bans and three-year trading bans.

Stein was ordered to pay a $150,000 administrative penalty, disgorge $29,345, and pay $50,000 in costs, and was subject to three-year director and officer bans and four-year trading bans.

The Tribunal also addressed a preliminary issue regarding the confidentiality of Stein's medical records.

Staff of the Ontario Securities Commission and the respondents sought approval of a settlement agreement concerning allegations of unregistered trading.

The respondents admitted that Moskowitz Capital Management Inc. distributed preferred shares in mortgage investment entities without being registered as a dealer, contrary to s. 25(1) of the Securities Act.

The Commission approved the settlement, noting the respondents' substantial cooperation, self-reporting, and remedial steps.

The settlement included a $350,000 administrative penalty, $25,000 in costs, and an undertaking to retain an exempt market dealer to complete a know-your-client and suitability review.

Staff of the Ontario Securities Commission and the respondents sought approval of a settlement agreement.

The respondents admitted to operating multilateral trading facilities for fixed income securities in Ontario without being recognized as an exchange or exempted, contrary to subsection 21(1) of the Securities Act.

The respondents cooperated with Staff, self-reported the issues, and proactively implemented a remediation program.

The Commission approved the settlement, ordering disgorgement of $663,305.20 and an administrative penalty of $2,506,011.80, finding the terms fell within a range of reasonable outcomes and were in the public interest.

The Ontario Securities Commission approved a settlement agreement with Coinsquare Ltd. and its executives regarding market manipulation and whistleblower reprisal.

Coinsquare admitted to inflating trading volumes on its crypto asset platform through wash trades and taking reprisals against an internal whistleblower.

The settlement included significant administrative penalties, bans on the executives acting as directors or officers, and requirements for corporate governance improvements.