OSC Lays Quasi-Criminal Charges against Robert Heward and William Wallace for Fraud, Unregistered Trading and Illegal Distribution

TORONTO, Sept. 24, 2014 /CNW/ - The Ontario Securities Commission (OSC) announced today that Robert Heward and William Wallace of Toronto, Ontario have been charged with alleged breaches of the Securities Act (Ontario) following an investigation by the Ontario Securities Commission's Joint Serious Offences Team (JSOT).

Heward and Wallace were charged with one count of fraud contrary to section 126.1(1)(b) of the Securities Act, one count of trading without registration as required by section 25(1) of the Securities Act and one count of trading in securities without a prospectus as required by section 53(1) of the Securities Act.

It is alleged that between December 2009 and December 2013 Heward and Wallace engaged in acts, practices or a course of conduct relating to the sale of Londoni Gold Corp. securities that they knew or ought to have known perpetrated a fraud on Canadian investors.  Approximately $6.8M was raised from investors as a result of this scheme.  It is further alleged that Heward and Wallace have never been registered with the OSC under the Securities Act and no prospectuses qualifying any Londoni-related securities have ever been filed with the OSC.

The first court appearance for Heward and Wallace in this matter is scheduled to take place October 22, 2014 at 11:00 a.m. in Courtroom # 111 at the Old City Hall – Ontario Court of Justice, 60 Queen Street West, Toronto, Ontario.

JSOT was established by the OSC as an enforcement partnership between the OSC and the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti Rackets Branch.  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 Ontario Securities Act or the Criminal Code of Canada. 

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca

SOURCE: Ontario Securities Commission

For further information: For Media Inquiries: media_inquiries@osc.gov.on.ca; Carolyn Shaw-Rimmington, Manager, Public Affairs, 416-593-2361; Follow us on Twitter: OSC_News; For Investor Inquiries: OSC Contact Centre, 416-593-8314, 1-877-785-1555 (Toll Free)

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http://www.osc.gov.on.ca

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