Staff of the Ontario Securities Commission sought an inter-jurisdictional enforcement order against the respondents under subsection 127(10) of the Securities Act.
The respondents had previously entered into a settlement agreement with the Alberta Securities Commission, admitting to breaches of the Alberta Securities Act involving misleading offering memoranda and undisclosed related party loans.
The Commission found that the threshold under subsection 127(10) was met and that it was in the public interest to issue an order under subsection 127(1).
The Commission imposed market prohibitions on the respondents substantially similar to those agreed to in the Alberta settlement, with minor modifications to align with Ontario securities law.
