OSC imposes permanent bans, significant penalties, and disgorgement on perpetrators of a forex Ponzi scheme.
Following a merits hearing where the respondents were found to have engaged in unregistered trading, illegal distributions, and fraud in connection with a forex trading Ponzi scheme, the Ontario Securities Commission held a hearing to determine sanctions and costs.
The Commission ordered permanent market and director/officer bans, significant administrative penalties, and disgorgement against the principal architects of the fraud.
For respondents who acted as referrers and were not found to have engaged in fraud, the Commission ordered five-year market and director/officer bans, administrative penalties, and disgorgement of commissions received.
Costs were apportioned among the respondents based on their level of participation and cooperation.
