On July 5, 2017, an IIROC hearing panel accepted a settlement agreement, with sanctions, between IIROC staff and Scotia Capital Inc. Scotia Capital admitted it failed to adequately supervise two registered representatives when they recommended unsuitable securities transactions for clients. The transactions weren’t in keeping with good business practice, contrary to IIROC dealer member rules […]
The Ontario Securities Commission approved a settlement agreement with Electrovaya Inc. and its president and chief executive officer, Sankar Das Gupta, for the company’s failure to comply with disclosure obligations and update forward-looking information. The settlement agreement follows allegations by OSC staff that Electrovaya issued unbalanced press releases and failed to update its disclosure record, […]
Man breached order involving illegal sale of securities
Rep fails to respond to repeated requests from IIROC
An Alberta Securities Commission (ASC) panel has sanctioned five respondents: Ferlyn Robert John Chmelyk, Blackbridge Financial Inc., 1735560 Alberta Ltd. (560), 1735563 Alberta Ltd. (563) and 1751886 Alberta Ltd. (886). As outlined in the merits decision from February 2017: Chmelyk and Blackbridge Financial illegally traded and distributed securities and made materially untrue statements to investors; […]
Mitigating factors include an internal fine and a civil action
Wrongdoers are already adequately disciplined, and harmed investors won't benefit, says lawyer
Clients lost $125,000 and $41,000, respectively.
Last year, CSA enforcement resulted in more than $62 million in fines, administrative penalties and voluntary payments. However, it’s difficult to compare that to 2015’s amount of $138 million, because that year saw a few cases with large fines. The 2016 amount better compares to that for 2014: $58 million. Included in the $62 million […]
Fine of $3 million imposed for misleading investors