Donna E. Campbell

The moving parties sought an adjournment of a scheduled merits hearing regarding insider trading and tipping allegations, arguing that their expert consultant had lost approximately 600 hours of work product.

Staff opposed the adjournment and brought a cross-motion to sever the matter against one respondent if the adjournment was granted.

The Commission dismissed the adjournment motion, finding that the expert consultant was sufficiently prepared to assist counsel with cross-examinations and that the matter, which had been outstanding for four years, needed to proceed in a timely manner.

The cross-motion for severance was also dismissed.

Staff of the Ontario Securities Commission applied for an inter-jurisdictional enforcement order against the respondents under s. 127(10) of the Securities Act, based on a prior order of the British Columbia Securities Commission.

The BCSC had found that the respondents engaged in unregistered trading and illegal distribution of securities.

The OSC found that it was in the public interest to protect Ontario investors and capital markets by imposing reciprocal sanctions.

The OSC ordered that the respondents cease trading in securities and be prohibited from acting as directors or officers of any issuer for a period of five years, subject to limited exceptions.

Staff of the Ontario Securities Commission sought an inter-jurisdictional enforcement order under s. 127(10) of the Securities Act to impose market conduct restrictions on the respondents, mirroring an order made by the Alberta Securities Commission.

The ASC had found that the respondents made materially misleading statements and that one respondent perpetrated a fraud in connection with a life settlement investment scheme.

The Commission rejected arguments that the proposed sanctions violated the Charter or the Canadian Human Rights Act.

Finding it necessary to protect Ontario investors and capital markets, the Commission granted the order and imposed reciprocal market conduct restrictions, including a permanent ban on trading and acquiring securities for the respondent who perpetrated the fraud.

Staff of the Ontario Securities Commission sought an inter-jurisdictional enforcement order against the respondents under s. 127(10) of the Securities Act, based on a prior decision of the British Columbia Securities Commission (BCSC).

The BCSC had found that the respondents engaged in unregistered trading, illegal distribution, and fraud, and imposed permanent market bans and financial penalties.

The OSC found it was in the public interest to protect Ontario investors and capital markets by imposing permanent cease trade orders and director/officer bans against the respondents, consistent with the BCSC order.

Staff of the Ontario Securities Commission brought an application for an inter-jurisdictional enforcement order against the respondents under s. 127(10) of the Securities Act, based on a prior order of the British Columbia Securities Commission.

The BCSC had found that the respondents engaged in unregistered trading and perpetrated a fraud.

The Commission found it was in the public interest to issue a reciprocal order to protect Ontario investors and capital markets, permanently prohibiting the respondents from trading in securities and acting as directors or officers.

Staff of the Ontario Securities Commission sought a reciprocal order under s. 127(10) of the Securities Act based on a final judgment of a U.S. District Court.

The U.S. Court found that the respondents engaged in a Ponzi scheme, securities fraud, and the sale of unregistered securities, raising $1.3 million from investors including Ontario residents.

The Commission found that the respondents' conduct was abusive of the capital markets and would have constituted contraventions of the Ontario Securities Act had it occurred in Ontario.

Applying principles of comity, the Commission granted the reciprocal order, imposing permanent market prohibitions against the respondents to protect the public interest.