The Ontario Securities Commission (OSC) has handed down sanctions in yet another unregistered trading and illegal distribution case.

The OSC announced sanctions today against various companies and individuals involved with a securities fraud scheme, including Global Energy Group, Ltd., New Gold Limited Partnerships, and various individuals (including Christina Harper, Vadim Tsatskin, Herbert Groberman, Nikola Bajovski, Bruce Cohen and Andrew Shiff). Last December, the OSC released its decision in the case, and it held a sanctions hearing earlier this year.

Previously, the OSC found that all of the respondents in the case violated securities laws by trading without registration and without a prospectus. It also ruled that Tsatskin, Harper and Global Energy perpetrated a fraud. (See Investment Executive, OSC secures first conviction for fraud, April 5, 2011.)

In a decision released today, it permanently cease traded Global Energy, Tsatskin, Harper and New Gold, and permanently banned Tsatskin and Harper from registration. Tsatskin and Harper were also each ordered to pay $1 million as administrative penalties, and ordered to pay costs of $30,430 and $43,472 respectively.

Bajovski and Cohen were banned for 10 years and ordered to pay penalties of $64,343 and $45,736, respectively, along with $3,260 in costs. And, Groberman and Shiff were each banned for five years; ordered to pay penalties of $91,509 and $10,532, respectively; and $3,260 in costs.

The commission also ordered almost $4.7 million in total disgorgement from various combinations of participants in the scheme.

The panel found no mitigating factors to be applicable for Tsatskin, Harper, Bajovski or Cohen. It did however note that Shiff repeatedly expressed remorse, which it found to be genuine; and, that Groberman also admitted to misconduct and did not dispute the non-monetary sanctions sought to be imposed upon him. It considered these to be mitigating factors for Shiff and Groberman.

Back in 2011, Tsatskin was sentenced to three years in jail for his role in the scheme.