TORONTO, Feb. 8, 2016 /CNW/ - The Ontario Securities Commission (OSC) announced that Omokhodion Oshingbeme was sentenced to six months in jail and a further 18 month conditional sentence of imprisonment by Mr. Justice T. Lipson at Old City Hall - Ontario Court of Justice. Mr. Oshingbeme's sentence reflects credit for a pre-trial custody incarceration of 10.5 months.
Following an investigation by the OSC's Joint Serious Offences Team (JSOT), Mr. Oshingbeme pleaded guilty on January 8, 2016 to two counts of fraud over $5000, five counts of possession of property obtained by crime, one count of breach of probation and one count of breach of recognizance contrary to the Criminal Code. This plea related to various criminal acts, including Mr. Oshingbeme's role in victimizing investors in an advanced fee scheme. The JSOT investigation determined that Canadian investors lost approximately $290,000 as a result of this fraudulent activity.
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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