Pathik Baxi

Following a merits hearing where the respondents were found to have engaged in unregistered trading, illegal distributions, and fraud, the Commission held a sanctions and costs hearing.

The Commission ordered permanent market bans against all respondents, finding their conduct egregious and harmful to investors who lost over $1.6 million.

Administrative penalties of $500,000 and $300,000 were imposed on the individual respondents, along with orders to disgorge the amounts obtained from the fraud.

The respondents were also ordered to pay the costs of the investigation and hearing.

The Ontario Securities Commission held a merits hearing regarding allegations that the respondents engaged in unregistered trading, illegal distributions, prohibited representations, and fraud.

Timothy German and his company Ensign purported to sell shares of Bradon Technologies Ltd. to investors, making false representations about an imminent sale of Bradon's technology and offering a buy-back guarantee.

German pooled investor funds to buy Bradon shares at a lower price, keeping the difference.

Joseph Compta, Bradon's founder, facilitated German's share purchases and failed to disclose material facts to investors who contacted him, thereby participating in the fraud.

The Commission found that all respondents breached the Securities Act and acted contrary to the public interest.