Topic: White collar crime

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Not All’s Fair in Disgorgement and Fraud

On April 18, 2018, the Ontario Superior Court of Justice released its reasons in Ontario Securities Commission v. Bluestream Capital Corporation which is a useful illustration of the Ontario Securities Commission (OSC)’s power to garnish funds held by victims of investment fraud that are payable as debts to the perpetrator of the fraud. The Background … Continue reading

Civil Forfeiture in the Securities Context

By Admin on April 11, 2018 Posted in Other developments, Securities regulatory decisions, White collar crime

Administrative fines are are regularly imposed by the Ontario Securities Commission (the OSC) in enforcement proceedings as sanctions for violations of Ontario securities law. Less well-known, but equally important, is the ability of the OSC to require wrongdoers to forfeit to the Crown the ill-gotten proceeds of unlawful activities. This post outlines the process by … Continue reading

Deferred Prosecution Agreements: Coming to Canada Shortly

By Stephen Nattrass on March 29, 2018 Posted in Civil claims, Other developments, White collar crime

The Canadian government, as part of Bill C-74-1 the Budget Implementation Act introduced on March 27, 2018, finally introduced a bill that would make deferred prosecution agreements (DPAs) part of the Criminal Code. This new prosecutorial tool would represent a significant shift in Canada’s approach towards corporate wrongdoing – one that aligns Canada more closely … Continue reading

SEC takes action in respect of rogue Canadian ICO issuer

By Linda Fuerst and Andrew McCoomb on December 5, 2017 Posted in Cross border issues, Other developments, White collar crime

On December 1, 2017, the Securities and Exchange Commission (SEC) commenced a civil action in the U.S. District Court against PlexCorps (also known as PlexCoin and Sidepay.ca) and its principals, Dominic Lacroix and Sabrina Paradis-Royer, seeking civil remedies including injunctive relief, an order freezing all of the defendants’ assets and disgorgement. The SEC alleges that … Continue reading

Stay of Securities Prosecution For Delay: Application of the Jordan framework to Regulatory Offences Punishable by Imprisonment

By Jacob Wilson on October 12, 2017 Posted in Other developments, White collar crime

In one of the first decisions in Canada applying the Supreme Court of Canada’s new Jordan framework for the measurement of unconstitutional Crown delay to prosecutions for breach of securities law, the Superior Court of Quebec has upheld a stay issued by the provincial Court of Quebec in Autorité des marchés financiers c. Desmarais. The … Continue reading

BC Court of Appeal clarifies use of disgorgement remedy under the Securities Act

By Kaitlin Smiley on August 25, 2017 Posted in Legislation, rules and policies, Securities regulatory decisions, White collar crime

In Poonian v. British Columbia Securities Commission[1] the BC Court of Appeal recently found that the BC Securities Commission (BCSC) may, in limited circumstances, make orders pursuant to s. 161(1)(g) of the BC Securities Act (the Act) holding persons jointly and severally liable for a disgorgement order where there is evidence showing control and direction … Continue reading

Johnny Come Lately: The Conclusion of the OSC Hearing Into Sino-Forest

By Linda Fuerst on July 21, 2017 Posted in Securities regulatory decisions, White collar crime

By now the facts underlying the recently concluded Ontario Securities Commission hearing into Sino-Forest Corporation should be well known. Sino-Forest was a reporting issuer in Ontario, reportedly in the business of operating commercial forest plantations in the People’s Republic of China. Between 1995 and its demise in 2013, when it entered into a Plan of … Continue reading

Fiorillo v Ontario Securities Commission: deference wins the day on insider trading appeal

By Linda Fuerst and Danny Urquhart on November 12, 2016 Posted in Securities regulatory decisions, White collar crime

The Divisional Court recently upheld an Ontario Securities Commission (Commission) decision sanctioning a number of individuals for insider trading and tipping, and acting contrary to the public interest.[1] This is the latest in a series of unsuccessful appeals from Commission decisions, suggesting that the courts’ significant deference to decisions of that tribunal makes most appeals … Continue reading