CALGARY, Feb. 21, 2013 /CNW/ - The Canadian Securities Administrators
(CSA) today released its fifth annual Enforcement Report that outlines how securities regulators are actively working to protect
investors and the integrity of Canada's capital markets. As securities
fraud can cause tremendous harm to investors and Canada's capital
markets, this year's report highlights the CSA's fraud enforcement
"CSA members work hard to combat securities fraud and we place
particular emphasis in our enforcement work on the violations that
constitute fraud," said Bill Rice, CSA Chair and CEO and Chair of the
Alberta Securities Commission. "In addition to these efforts, CSA
members stress that education is a valuable tool in deterring investors
from becoming victims of fraud and others types of securities laws
The CSA's 2012 Enforcement Report brings into focus the enforcement work done by CSA members against
those who commit wrongdoing in Canada's capital markets. CSA members
concluded cases against 322 individuals and companies. Concluded
securities fraud cases involved 66 individuals and companies.
Key highlights of the 2012 Enforcement Report:
10 (seven per cent) of the concluded cases were in the fraud category
and involved 33 individuals and 33 companies.
135 concluded cases involved a total of 206 individuals and 116
companies that resulted in:
Fines and administrative penalties of almost $37 million.
More than $120 million in restitution, compensation and disgorgement.
Jail sentences against seven individuals.
Concluded matters against 185 respondents following a contested hearing,
74 respondents by settlement agreement and 63 respondents by court
145 matters commenced against a total of 242 individuals and 146
56 interim orders and asset freeze orders were issued against 87
individuals and 77 companies.
For the second year, the CSA's Enforcement Report is available in HTML format, which allows users to navigate specific
sections of the report quickly and easily. The report comes out in
advance of Fraud Prevention Month in March, which highlights tools and
resources Canadians can use to recognize and avoid investment fraud,
and lets them know they can turn to securities regulators for help. The
CSA will continue to use its Twitter account to share information about
the CSA and its programs, beginning with key sections of the
enforcement report. People interested in investor protection or
education news and programs are encouraged to follow the CSA on Twitter
The 2012 Enforcement Report is now accessible from the CSA website www.securities-administrators.ca and from the websites of various CSA members.
The CSA, the council of securities regulators of Canada's provinces and
territories, co-ordinates and harmonizes regulation for the Canadian
SOURCE: Canadian Securities Administrators
For further information:
Alberta Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
British Columbia Securities Commission
Manitoba Securities Commission
New Brunswick Securities Commission
Nova Scotia Securities Commission
Financial and Consumer Affairs
Authority of Saskatchewan
The Office of the Superintendent
Financial Services Regulation Division of
Newfoundland and Labrador
Office of the Yukon Superintendent
Nunavut Securities Office
Northwest Territories Securities Office