The Ontario Securities Commission (OSC), one of the thirteen provincial financial regulators in Canada, announced today that Ontario resident Vernon Smith has been charged with alleged breaches of the Securities Act (Ontario) following an investigation by the OSC’s Joint Serious Offences Team (JSOT).
Smith was charged with one count of trading securities without being registered to do so and on two counts of breaching a cease trade order made by the OSC on 17 November, 2010, by trading in securities and acting as an officer or director of an issuer while prohibited, contrary to the Securities Act.
The OSC has alleged that Smith committed the stated offences between 1 March and 31 December 2015.
Previous Breaches
Smith has previously been found guilty of breaching Commission cease trade orders and unregistered trading contrary to the Securities Act (Ontario). These convictions related to Smith’s role in seeking a listing on a European exchange for the securities of Telecorp Inc. and Ticker Communications Inc.
Background
In its capacity as one of Canada’s provincial regulators, OSC seeks to protect investors while promoting fair and efficient capital markets throughout the province. The regulator’s website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorised activities.
The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Securities Act or the Criminal Code.
Smith is due to appear in court on 3 February 2017.
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