The Ontario Divisional Court has dismissed a motion from a pair of brokers seeking to stay sanctions imposed on them by the Ontario Securities Commission (OSC), the regulator announced on Thursday.
A motion for a stay that was brought by brokers Paul Azeff and Korin Bobrow was dismissed by Justice Kruzick of the Divisional Court, the OSC says in a statement. The pair were seeking a stay of the sanctions imposed by the OSC, after it found that they violated securities laws by engaging in insider trading and tipping.
See: OSC levies $2.7 million in sanctions in tipping and insider trading case
The penalties imposed by the OSC included 10-year bans on acting as registrants or trading in securities, permanent prohibitions on becoming an officer or director of an issuer, and $1.1 million in administrative penalties and disgorgement.
According to the OSC, in denying their motion for a stay of those sanctions, the court held that “Azeff and Bobrow, who have filed notices of appeal from the OSC’s merits and sanctions decisions, did not satisfy the test for a judicial stay of the OSC’s sanctions order.”
“The court held that it is not in the public interest to grant the stay, which would allow the appellants to engage in registerable activities,” the OSC reports, noting that it dismissed the motion with costs.