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Temporary cease trade order issued against unregistered adviser who provided investment advice and misled investigators.
Staff of the Ontario Securities Commission applied for a temporary order against the respondents, alleging they engaged in unregistered advising and made misleading statements to Staff.
The Commission found sufficient evidence that the individual respondent was providing investment advice to Ontario clients for compensation without registration, and that he had been evasive and uncooperative during the investigation.
Concluding that the conduct may be harmful to the public interest, the Commission issued a temporary order requiring the respondents to cease trading in securities, with limited exceptions, and removing their access to exemptions under Ontario securities law pending a hearing on the merits.
