Capital Markets Tribunal - Ontario

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Capital Markets Tribunal - Ontario Decisions from the Capital Markets Tribunal (Ontario)
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securities — capital markets — investors — settlement agreement — permanently prohibitedIn the case of Gong (Re), 2024 O...
27/11/2024

securities — capital markets — investors — settlement agreement — permanently prohibited

In the case of Gong (Re), 2024 ONCMT 24, Edward Gong, the director of Edward Enterprise International Group Inc., was accused by the Ontario Securities Commission of breaching securities laws related to a pyramid scheme and forgery. Following a guilty plea in an earlier case, a settlement was established that barred Gong from trading securities and from holding positions as a director or officer in Canada, with some limited exceptions. The tribunal determined that no further financial penalties were necessary, as the sanctions imposed in the previous court ruling were considered adequate. The tribunal approved the settlement, highlighting its suitability and the importance of protecting the public interest.

Capital Markets Tribunal (Ontario)
Gong (Re)
2024 ONCMT 24 (CanLII)
https://canlii.ca/t/k7m8d
October 30, 2024

crypto — investors — securities — shares — tradingIn the case of *Nvest Canada Inc (Re)*, the Ontario Securities Commiss...
27/11/2024

crypto — investors — securities — shares — trading

In the case of *Nvest Canada Inc (Re)*, the Ontario Securities Commission accused Nvest Canada, GX Technology Group, and individuals Pirakaspathy and Carson of engaging in unregistered trading and the illegal distribution of "GXTokens" and shares without the necessary registration or prospectus. The Tribunal determined that GXTokens qualified as securities under the Securities Act. As a result, the respondents faced significant penalties, including a 10-year ban from participating in capital markets, an administrative penalty of $200,000 each, disgorgement of $293,493.19, and an additional cost of $162,390.10. The Tribunal highlighted the severity of the misconduct and underscored the critical need for investor protection in the financial markets.

Capital Markets Tribunal (Ontario)
Nvest Canada Inc (Re)
2024 ONCMT 25 (CanLII)
https://canlii.ca/t/k7nph
November 1, 2024

securities-related business — unapproved — trading — misconduct — investorsIn the case 1797472 Ontario Inc. v. Independe...
27/11/2024

securities-related business — unapproved — trading — misconduct — investors

In the case 1797472 Ontario Inc. v. Independent Electricity System Operator, the Ontario Court of Appeal affirmed the application judge's interpretation of the Feed-in Tariff (FIT 1) Contracts. The Independent Electricity System Operator (IESO) argued that the respondents breached their contracts by optimizing their solar panel facilities without obtaining prior consent. However, the court determined that the changes made by the respondents did not necessitate IESO's approval according to the contract terms. It concluded that the capacity to produce direct current (DC) energy was not explicitly defined in the contracts. Consequently, the appeal was dismissed, with the court finding no reversible errors in the application judge's decision. This ruling clarifies the contractual obligations and the extent of IESO's authority regarding modifications made by the respondents to their solar energy facilities.

Capital Markets Tribunal (Ontario)
Dziadecki v Canadian Investment Regulatory Organization
2024 ONCMT 22 (CanLII)
https://canlii.ca/t/k7hhr
October 23, 2024

perpetrated a fraud — contravened — respect to the loans — million loan — subjective elementIn *Bridging Finance Inc (Re...
27/11/2024

perpetrated a fraud — contravened — respect to the loans — million loan — subjective element

In *Bridging Finance Inc (Re)*, the Ontario Capital Markets Tribunal ruled that David Sharpe and Natasha Sharpe engaged in securities fraud by conducting improper loan transactions with investor funds, which benefited themselves and others. David was specifically found guilty of fraud related to the McCoshen loans, while both David and Natasha were held liable for the Ninepoint loans. Andrew Mushore, who participated in the Ninepoint scheme, was also deemed complicit in the fraudulent activities. The Tribunal dismissed direct fraud allegations against Bridging Finance but confirmed the firm violated conflict of interest regulations. As a result of their actions, which included witness intimidation and misleading the Commission, the Tribunal ordered the Sharpe respondents to face sanctions.

Capital Markets Tribunal (Ontario)
Bridging Finance Inc (Re)
2024 ONCMT 23 (CanLII)
https://canlii.ca/t/k7lht
October 28, 2024

administrative penalty — breaches — securities — costs — disgorgementIn the case of Valentine (Re), 2024 ONCMT 21, the C...
14/11/2024

administrative penalty — breaches — securities — costs — disgorgement

In the case of Valentine (Re), 2024 ONCMT 21, the Capital Markets Tribunal determined that Mark Edward Valentine violated a 2004 Ontario Securities Commission order that permanently prohibited him from serving as a director or officer and from trading in securities. Valentine acknowledged some of these violations and agreed to certain sanctions but disputed the administrative penalties and costs. The Tribunal enforced permanent bans on his market participation, mandated him to disgorge over $3 million CAD and $10 million USD, levied $1 million in administrative penalties, and required him to pay $300,000 in costs. The Tribunal underscored the gravity and repetitive nature of Valentine's misconduct, highlighting the need for stringent deterrent measures to prevent future violations.

Capital Markets Tribunal (Ontario)
Valentine (Re)
2024 ONCMT 21 (CanLII)
https://canlii.ca/t/k740v
September 30, 2024

witness summaries — documents — spoofing — transcripts — substanceThe Ontario Securities Commission (OSC) alleges that O...
13/11/2024

witness summaries — documents — spoofing — transcripts — substance

The Ontario Securities Commission (OSC) alleges that Oasis World Trading Inc., Zehn (Steven) Pang, and Rikesh Modi engaged in unregistered trading and manipulative practices. The respondents requested revised witness summaries, unredacted transcripts, and additional documents. The Capital Markets Tribunal found some deficiencies in the OSC's summaries, ordered revised summaries, and required a table of concordance for exhibits. The Tribunal also mandated the disclosure of attachments to a letter from the Australian Securities & Investment Commission. The merits hearing is set for January 2025.

Capital Markets Tribunal (Ontario)
Oasis World Trading Inc (Re)
2024 ONCMT 20 (CanLII)
https://canlii.ca/t/k6qct
September 6, 2024

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