The Ontario Securities Commission held a hearing to consider a settlement agreement between Staff and the respondents, Ernest Anderson and Golden Gate Funds LP.
The respondents admitted to engaging in unregistered trading and illegal distribution of securities, raising over $8 million from investors without a prospectus or registration.
The Commission approved the settlement, ordering permanent market bans, an administrative penalty of $126,795, disgorgement of $4,644,258.10, and $20,000 in costs.
