The appellants appealed their convictions and sentences for trading in securities without registration and while subject to a prior cease-trade order.
They argued the trial judge erred in finding they had knowledge of the order, that the Ontario Securities Commission lacked jurisdiction because the trades involved foreign companies and investors, and that the custodial sentences were unfit.
The Superior Court of Justice dismissed the appeal, holding that the offences were strict liability, that a real and substantial connection to Ontario gave the province jurisdiction under the Libman test, and that the sentences were appropriate given the appellants' moral blameworthiness and prior breaches.
