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Settlement agreement approved imposing ten-year trading bans and disgorgement for securities misconduct.
The Ontario Securities Commission held a hearing to consider whether to approve a settlement agreement between Staff and the respondent regarding his involvement with Gold-Quest.
The respondent admitted to serious misconduct but cooperated with Staff, ceased activity upon learning of the receivership, and compensated some investors.
The Panel applied the standard that a settlement should be approved if it falls within acceptable parameters, rather than substituting its own judgment.
The settlement was approved, resulting in a ten-year prohibition on acting as a registrant, removal of exemptions, and an order to disgorge approximately $60,851.
