Staff of the Ontario Securities Commission and the respondents entered into a settlement agreement regarding allegations of unregistered trading and misleading statements by a mortgage investment entity and its directors, who were former registrants.
The respondents raised approximately $13 million from 80 investors without being registered as a dealer.
The Commission approved the settlement, finding the agreed sanctions, including a $400,000 administrative penalty, director/officer bans, and a reprimand, to be in the public interest and within a reasonable range of outcomes.
