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Sanctions and costs ordered against respondents for unregistered trading and illegal distribution of securities.
The Ontario Securities Commission held a sanctions and costs hearing following a merits decision that found the respondents engaged in unregistered trading and illegal distribution of securities related to land and solar panel agreements.
The Commission imposed market participation bans of 10 years for the corporate respondents and their directing mind, Chaddock, and 5 years for the subordinate sales employees, Baum and Strumos.
The Commission ordered significant administrative penalties and disgorgement, finding that the respondents obtained over $3 million from investors through their non-compliance with Ontario securities law.
Costs were also awarded against the respondents.
