Permanent bans, $700,000 in penalties, and $353,229 disgorgement ordered for unregistered trading and illegal distribution.
Following a merits decision finding the respondents engaged in unregistered trading and illegal distribution of securities, the Ontario Securities Commission held a hearing to determine sanctions and costs.
The Commission imposed permanent trading and director/officer bans on the respondents, with limited carve-outs for RESPs.
The Commission also ordered administrative penalties of $300,000 for Elin and $400,000 for Mellon, and joint disgorgement of $353,229.19.
Staff's request for costs was denied due to an unexplained 18-month delay in the proceedings.
