TORONTO, Jan. 11, 2017 /CNW/ - The Ontario Securities Commission (OSC) announced today that Vernon Smith of Barrie, Ontario has been charged with alleged breaches of the Securities Act (Ontario) following an investigation by the OSC's Joint Serious Offences Team (JSOT).
Mr. Smith was charged with one count of trading securities without being registered to do so; and, two counts of breaching a Commission cease trade order made by the OSC on November 17, 2010, by trading in securities while prohibited, and acting as an officer or director of an issuer while prohibited, contrary to section 122(1)(c) of the Securities Act (Ontario).
The OSC alleges that Mr. Smith committed these offences between the dates of March 1, 2015 and December 31, 2015.
Mr. Smith is scheduled to appear in court on this matter on February 3, 2017, at 11:00 am in Courtroom #111, Old City Hall, 60 Queen Street West, Toronto, Ontario.
Mr. Smith has previously been found guilty of breaching Commission cease trade orders and unregistered trading contrary to the Securities Act (Ontario). These convictions relate to Mr. Smith's role in seeking a listing on a European exchange for the securities of Telecorp Inc. and Ticker Communications Inc.
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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