Permanent market bans, $16.7M disgorgement, and $5.6M in penalties ordered for fraudulent boiler room scheme.
Following a merits hearing where the respondents were found to have engaged in a fraudulent boiler room scheme that raised approximately $18 million from investors, the Ontario Securities Commission held a sanctions and costs hearing.
The Commission ordered permanent market participation bans against the individual respondents.
It also ordered disgorgement of approximately $16.7 million, representing the amounts obtained by the respondents as a result of their non-compliance with Ontario securities law.
Administrative penalties totaling over $5.6 million were imposed to provide specific and general deterrence.
Finally, the Commission ordered the respondents to pay $344,500 towards the costs of the investigation and hearing.
