On April 9, 2025, in the case of Securities Exchange Commission v. Albert Saniger (Saniger),[1] the U.S. Securities and Exchange Commission (the SEC) charged Alberto Saniger Mantinan, former CEO of Nate, Inc., a privately held technology
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Carbon Credits Manipulation : An Increased Scrutiny Over Fraud in a Booming Industry Could Cross the Canadian Border
A fraudulent scheme orchestrated over several years by one of the world’s largest carbon credits project developers raises major concerns about the integrity of corporate sustainability commitments while highlighting the importance of good corporate governance and timely self-disclosure.
Because Canadian…
The Supreme Court of Canada provides needed clarity on the discharge (or survival) of Securities Commission-imposed sanctions in personal bankruptcy
Between February 2020 and January 2022, we authored three blog posts about whether Securities Commission-imposed administrative monetary penalties (AMPs) and disgorgement orders should be discharged in personal bankruptcies.
Those prior blog posts are linked here: February 6, 2020…
In-House Insider Trading
In light of the unprecedented shift to a “working-from-home-economy” due to the pandemic, employees need to be extremely careful with work-related information that can accidentally be shared with their household. Confidential or even material non-public information can involuntarily be shared…
Ontario’s Capital Markets Tribunal finds it does not have jurisdiction to “supervise” OSC investigation orders


In Binance Holdings Limited (Re), 2023 ONCMT 27, Ontario’s new Capital Markets Tribunal (the Tribunal) clarified that it does not have the jurisdiction to revoke an investigation order made by the Ontario Securities Commission (OSC).
Background…
US SEC targets Coinbase, signaling stricter enforcement against crypto exchanges

On March 22, 2023, the Securities and Exchange Commission (Commission or SEC) issued a Wells Notice to Coinbase, Inc., the largest US-based cryptocurrency exchange and a NASDAQ-listed company.
A Wells Notice is a communication from the SEC enforcement staff (Staff)…
Increasing Enforcement: OSC and SEC Take Aim at Cryptocurrency Platforms

On December 12, 2022, the Ontario Securities Commission (OSC) issued a news release further cautioning crypto trading platforms operating in Canada on the applicability of securities laws to their operations. This news release comes amidst the OSC’s increasing…
US SEC settlement demonstrates the risks to investment advisers of using ESG investment decision-making metrics
US SEC proposes new rules on climate-related disclosures
SEC SPEAKS: Enforcement’s Planned Use of Aggressive Remedies
In his remarks at SEC Speaks 2021 on October 13, 2021, the Securities and Exchange Commission’s (“SEC”)’s new Director of Enforcement, Gurbir Grewal, discussed the waning public trust in “our financial markets” and the “near historic lows” of confidence in…