CITATION: Loman v. Ontario Securities Commission, 2016 ONSC 135
DIVISIONAL COURT FILE NO.: 580/13
DATE: 20160112
ONTARIO
SUPERIOR COURT OF JUSTICE
DIVISIONAL COURT
SWINTON, D.L. CORBETT AND POMERANCE JJ.
BETWEEN:
KEVIN LOMAN
Appellant
– and –
ONTARIO SECURITIES COMMISSION
Respondent
Kevin J. Richard and Martin G. Mendelzon, for the Appellant
Derek J. Ferris, for the Respondent
HEARD at Toronto: June 23, 2015
SUPPLEMENTARY REASONS
POMERANCE J.:
[1] On June 25, 2015, this Court released its decision, partially allowing Kevin Loman’s appeal against the decision of the Ontario Securities Commission, dated February 21, 2013. In paragraph 17 of the decision, I directed the following with respect to the remedy:
- Therefore, the appeal is allowed to the extent that the 10 year prohibition on trading; the 10 year prohibition on being an officer or director; and the administrative penalty of $75,000, are set aside. The matter is remitted back to the Commission for a fresh determination on those issues.
[2] In subsequent correspondence, counsel for the Commission asked the Court to clarify the scope of the appellate remedy. Paragraph 17 referred to certain bans, but not others. In response to a question from the Court, counsel for the Commission and counsel for the appellant agreed that there is no reason in principle why the remedy should not apply to all bans imposed on the appellant by the Commission. We agree with this proposition.
[3] Therefore, the decision of June 25, 2015 is amended so as to direct that the ten year bans imposed upon the appellant in paragraphs 3(a), (b), (c), (f), and (g) of the Order of the Commission be set aside. For the reasons set out in our earlier decision, these orders are remitted back to the Commission for a fresh determination.
Pomerance J.
Swinton J.
D. L. Corbett J.
Released: January 12, 2016
CITATION: Loman v. Ontario Securities Commission, 2016 ONSC 135
DIVISIONAL COURT FILE NO.: 580/13
DATE: 20160112
ONTARIO
SUPERIOR COURT OF JUSTICE
DIVISIONAL COURT
SWINTON, D.L. CORBETT AND POMERANCE JJ.
BETWEEN:
KEVIN LOMAN
Appellant
– and –
ONTARIO SECURITIES COMMISSION
Respondent
SUPPLEMENTARY REASONS
Pomerance J.
Released: January 12, 2016