Staff of the Ontario Securities Commission brought a settlement agreement for approval regarding the respondent, a former registrant and CEO of Hucamp Mines Ltd. The respondent admitted to causing the issuance of materially misleading news releases regarding private placements and engaging in abusive trading practices, including market manipulation and wash trades.
The Commission approved the settlement agreement, finding the respondent's conduct egregious and harmful to investors.
Although no financial penalty or costs were ordered due to the respondent being an undischarged bankrupt, the Commission imposed a permanent ban on trading, acquiring securities, and acting as an officer or director of any issuer or registrant, concluding the sanctions were necessary for future investor protection and deterrence.
