The Ontario Securities Commission (OSC) has issued a reciprocal order, permanently banning those involved with an illegal distribution in British Columbia from trading, and registration, in Ontario too.
The OSC issued its decision and reasons today, banning a firm, and two people, who the B.C. Securities Commission (BCSC) found to have carried out an illegal distribution scheme. After a hearing last year, the BCSC found that between July 2006 and January 2009, JV Raleigh Superior Holdings Inc., Maisie Smith, and Ingram Jeffrey Eshun, engaged in unregistered trading and an illegal distribution. It imposed permanent bans against them, along with disgorgement of $5.7 million, and an administrative penalty of $1.25 million.
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According to the commission’s decision, no one appeared on their behalf to oppose a reciprocal order in Ontario. So, following a written hearing, the commission has decided to impose similar bans, ruling that their actions would have violated the law in Ontario too.
“Given the past conduct, the lack of contrition, the absence of mitigating factors and the total failure to provide any rational explanation, it is clearly appropriate to make an order in the public interest to prevent the respondents from accessing the capital markets in Ontario,” it found.