Malinda N. Alvaro

The Ontario Securities Commission held a hearing to consider whether to issue a reciprocal order against the respondent, who had entered into a settlement agreement with the Alberta Securities Commission admitting to insider trading.

The respondent did not appear but consented to the order.

The Commission issued an order prohibiting the respondent from trading in or purchasing securities for a three-year period, reciprocating the substance of the Alberta settlement agreement to protect investors in Ontario.

The Ontario Securities Commission issued a reciprocal order against the respondent, David Gregor McClure, following a settlement agreement he entered into with the Alberta Securities Commission.

The respondent admitted to unregistered trading, illegal distribution of securities, and making misrepresentations.

The Commission modified the non-monetary sanctions from the Alberta agreement to align with its jurisdiction under the Ontario Securities Act, prohibiting the respondent from acquiring securities, acting as a director or officer of any issuer or registrant, and acting as a registrant or promoter.

Staff of the Ontario Securities Commission sought a reciprocal order against the respondents based on a settlement agreement they entered into with the Alberta Securities Commission.

The respondents had admitted to unregistered trading, illegal distribution, and making misleading statements in relation to a real estate project in Alberta.

The Commission found that the statutory criteria for a reciprocal order were met and that it was in the public interest to impose sanctions in Ontario mirroring those imposed in Alberta to protect Ontario investors and capital markets.

The requested order was granted.

Staff of the Ontario Securities Commission sought a reciprocal order under s. 127(10) of the Securities Act against the respondents, who were previously found by the British Columbia Securities Commission to have perpetrated a fraud.

The BCSC found that the respondents raised millions from investors without disclosing severe cash flow problems and misused funds raised for foreclosure investments.

The OSC granted the reciprocal order, permanently banning the respondents from trading, acquiring securities, and acting as directors or officers in Ontario, with limited carve-outs allowing the individual respondents to trade in their personal accounts and act as directors of solely-owned private issuers.

Staff of the Ontario Securities Commission applied for an inter-jurisdictional enforcement order against the respondent under subsections 127(1) and (10) of the Securities Act.

The respondent had previously been found by the British Columbia Securities Commission to have engaged in fraudulent conduct and was subject to a permanent market prohibition in British Columbia.

The respondent did not appear at the written hearing.

The Commission found it was in the public interest to issue a reciprocal order permanently prohibiting the respondent from participating in Ontario's capital markets.