Allegations of unregistered trading, advising, and illegal distributions dismissed as respondent's conduct was informational, not promotional.
Staff of the Ontario Securities Commission alleged that the respondent, a lawyer and business consultant, engaged in unregistered trading and advising, illegal distributions, and made misleading representations regarding securities of Saxton Investments Ltd. and Sussex International Ltd. The respondent had attended meetings and provided updates on Cuban business operations to investors and salespeople.
The Commission found that the respondent's conduct was informational rather than promotional, and did not amount to acts in furtherance of a trade or advising.
The Commission also found insufficient evidence that the respondent knew the operations were running at a loss when he provided updates, or that he engaged in illegal distributions.
All allegations were dismissed.