On December 16, 2016, the Superior Court of Justice (Divisional Court) upheld the Ontario Securities Commission’s Reasons for Decision on the Merits, dated January 14, 2015, and the OSC’s Reasons for Decision on Sanctions and Costs, dated October 28, 2015, in respect of David Charles Phillips and John Russell Wilson, former representatives for First Leaside Group.

The Court dismissed the appeal to set aside the panel’s findings of securities fraud and misrepresentation, and the disgorgement ordered, on the grounds that the conclusions reached by the panel were reasonable.

“We are pleased with the Court’s decision to uphold the OSC panel’s findings of securities fraud and misrepresentation in this matter,” said Jeff Kehoe, director of enforcement. “This misconduct is harmful to investors and the integrity of our capital markets.”

Read a copy of the decision.