TORONTO, Nov. 6, 2013 /CNW/ - The Ontario Securities Commission (OSC)
announced today that Vernon Smith of Barrie, Ontario has been charged
with alleged breaches of s. 122(1)(c) 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 without registration and one
count of advising without registration. Both are required under the
Smith was also charged with trading in securities of Ticker
Communications when he was subject to a temporary cease trade order by
the Commission dated November 22, 2007, and one count of trading in
securities of Ticker at a time when he was prohibited from trading by
order of the Commission dated November 17, 2010.
"We are pleased to see momentum by the JSOT, working jointly with the
RCMP in this new alliance to protect investors from harm. This case
demonstrates that the JSOT will aggressively pursue offenders who do
not abide by our cease trade orders," said Tom Atkinson, Director of
Enforcement at the OSC.
The first court appearance for Smith in this matter is scheduled to take
place December 11, 2013 at 9:00 a.m. in Courtroom # 111 at Old City
Hall - Ontario Court of Justice, 60 Queen Street West, Toronto,
JSOT was established in May 2013 by the OSC as an enforcement
partnership between the OSC and the Royal Canadian Mounted Police
Financial Crime program. The primary objective of JSOT is to protect
investors and further enhance confidence in the Canadian capital
markets through effective enforcement. This will be accomplished
through collaborative investigations of serious violations of the law
using the provisions of the Ontario Securities Act and/or the Criminal
Code of Canada.
The JSOT appreciates the assistance provided to this investigation by
BaFin (German Federal Financial Supervisory Authority) and the British
Columbia Securities Commission.
Smith continues to be subject to a cease trade order prohibiting him
from trading in securities. Investors are urged to check the
registration of any person or company offering an investment
opportunity and to review the OSC investor materials available at www.osc.gov.on.ca.
SOURCE: Ontario Securities Commission
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