Colin McCann

The Ontario Securities Commission held a hearing to consider whether to approve settlement agreements between Staff and the respondents, Gregory and Walter Hryniw.

The respondents admitted to providing false and misleading statements to Staff during an investigation into trading in a Bermuda account.

The Commission approved the settlement agreements, which included a three-year trading ban, a three-year prohibition on acting as an officer or director, a reprimand, and a payment of $2,500 each towards costs.

The Commission also permitted the hearing to proceed electronically via telephone conference, despite the reprimand sanction, due to the respondents' out-of-province residency and impecuniosity.

The Ontario Securities Commission held a hearing to determine whether it was in the public interest to impose sanctions against Pierre Alfred Montpellier and his companies under section 127 of the Securities Act.

Montpellier had previously pleaded guilty to criminal fraud and theft for operating a Ponzi scheme that defrauded 128 investors of over $5.3 million.

The Commission found that Montpellier's egregious conduct demonstrated he could not be trusted to participate in the capital markets.

The Commission ordered that Montpellier's registration be terminated, that he and his companies permanently cease trading in securities (with no RRSP carve-out), and that he be permanently prohibited from acting as a director or officer of any issuer.