An Ontario couple is facing jail time, a fine, and probation, after they admitted to breaching a cease trade order imposed by the Ontario Securities Commission (OSC).

The OSC said Monday that Bernardo Giangrosso was sentenced to 90 days in jail and his partner Naida Allarde-Giangrosso was fined $5,000 after they pled guilty to one count of breaching a cease trade order (CTO). Both were also ordered to serve two years’ probation by Justice Lipson of the Ontario Court of Justice.

Back in 2013, they were both charged with one count of trading without registration and one count of violating a cease trade order in connection with the sale of syndicated mortgages to investors through a company known as Starboard View Homes.

See: Pair charged with unregistered trading, breaching OSC order

In early 2013, they were ordered to cease trading for five years, among other sanctions, after an OSC hearing panel found that they traded without registration and engaged in an illegal distribution of securities.

See: OSC imposes sanctions on Gold-Quest promoters

They were charged after an investigation by the OSC’s Joint Serious Offences Team (JSOT), which is a partnership between the OSC, the RCMP’s Financial Crime program and the OPP’s Anti-Rackets Branch.