TORONTO, Feb. 9, 2015 /CNW/ - Bernardo Giangrosso was sentenced to 90 days in jail and two years' probation while his partner Naida Allarde-Giangrosso was sentenced to a $5000 fine and two years' probation after they pleaded guilty to one count of breaching an Ontario Securities Commission (OSC) cease trade order before the Honourable Justice Lipson of the Old City Hall - Ontario Court of Justice. This sentence comes as a result of an investigation by the OSC's Joint Serious Offences Team (JSOT).
Giangrosso and Allarde-Giangrosso were charged by JSOT in December 2013 in relation to their roles in promoting the sale of syndicated mortgages to investors through a company known as Starboard View Homes. Both Giangrosso and Allarde-Giangrosso were prohibited from trading by an order of the Commission dated January 9, 2013.
JSOT was established by the OSC as an enforcement partnership between the OSC and 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 (Ontario) or the Criminal Code of Canada.
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 capital markets. 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 http://www.osc.gov.on.ca
SOURCE Ontario Securities Commission
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