TORONTO, Dec. 10, 2015 /CNW/ - The Ontario Securities Commission (OSC) announced today that Edward Ozga was sentenced to 30 days in jail and two years of probation by Mr. Justice M. McLeod at Old City Hall - Ontario Court of Justice. In addition, the court ordered Mr. Ozga to pay $44,000 in victim restitution to the OSC within seven days. The court granted a further compensation order against Mr. Ozga for the remaining investors' losses of $159,768.50.
Following an investigation by the OSC's Joint Serious Offences Team (JSOT), Mr. Ozga pleaded guilty on July 6, 2015 to two counts of fraud, two counts of unregistered trading and two counts of illegal distribution contrary to the Securities Act (Ontario). This plea related to his role in a Mississauga boiler room operation that fraudulently solicited and sold securities of Osler Energy Corporation (Osler) and AMTE Services Inc. (AMTE) to approximately 20 Canadian investors.
During the material time, Ozga was never registered with the Commission under the Securities Act and no prospectuses qualifying any Osler or AMTE-related securities have ever been filed with the Commission.
JSOT was established by the OSC as an enforcement partnership between the OSC, 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 Securities Act or the Criminal Code.
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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