TORONTO, Sept. 25, 2012 /CNW/ - A panel of the Ontario Securities
Commission (OSC) today released its Reasons and Decision on Sanctions
and Costs against Abel Da Silva ("Da Silva"). In a June 22, 2011
decision on the merits, the Commission found that Da Silva misled staff
of the OSC and breached an OSC Cease Trade Order by trading in
securities of Colby Cooper Inc.
In today's decision on sanctions and costs, the OSC panel made
protective orders permanently banning Da Silva from trading in or
acquiring securities, or becoming or acting as a director or officer of
an issuer, registrant, investment fund manager or promoter. The OSC
panel also ordered that Da Silva pay an administrative penalty of
$250,000, disgorge the $45,280 he obtained as a result of his
non-compliance with Ontario securities law, and pay $52,470.25 in costs
to the OSC.
The panel referred to Da Silva as a recidivist and found that "an order
restricting his activities in capital markets will send a message to
other like-minded individuals that involvement in this type of conduct
will result in sanctions by the Commission."
A copy of the Reasons and Decision on Sanctions and Costs and the
Reasons and Decision on the Hearing on the Merits Held in Writing are
available on the OSC website at www.osc.gov.on.ca.
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 capital markets. Investors
are urged to check the registration of any person or company offering
an investment opportunity and to review the OSC's investor materials
available at www.osc.gov.on.ca.
SOURCE: Ontario Securities Commission
For further information:
For Media Inquiries:
Manager, Public Affairs
Media Relations Specialist
Follow us on Twitter: OSC_News
For Investor Inquiries:
OSC Contact Centre
1-877-785-1555 (Toll Free)