TORONTO, Oct. 22, 2015 /CNW/ - On October 21, 2015, the Honourable Justice Kruzick of the Divisional Court dismissed a motion for a stay brought by Paul Azeff and Korin Bobrow from the Ontario Securities Commission (OSC) Sanctions Decision and Order dated August 24, 2015.
The OSC had found in March 2015 that Azeff and Bobrow violated Ontario securities laws by engaging in insider trading and tipping on seven occasions. The OSC imposed sanctions, which included 10-year bans on acting as registrants or trading in securities, permanent prohibitions on becoming an officer or director of a reporting issuer, and respectively, administrative penalties of $750,000 and $300,000 and disgorgement of $49,996 and $10,217 (the amounts profited from the insider trading).
The Divisional Court held that Azeff and Bobrow, who have filed Notices of Appeal from the OSC's Merits and Sanctions Decisions, did not satisfy the test for a judicial stay of the OSC's Sanctions Order. The Court held that it is not in the public interest to grant the stay, which would allow the Appellants to engage in registerable activities. The Court dismissed the motion with costs.
For information about the motion, contact the Divisional Court, referencing the Appellants and the Court file number 480/15. Appeals are heard by the courts, and any information relating to them and to this motion is available from the courts. Documents relating to the OSC proceedings in this matter, including the Reasons for Decision on the Merits and the Reasons for Decision on Sanctions and Costs, can be found 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 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
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SOURCE Ontario Securities Commission
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