TORONTO, May 18, 2016 /CNW/ - On May 17, 2016, the Superior Court of Justice (Divisional Court) upheld the Ontario Securities Commission (OSC)'s Reasons for Decision on the Merits dated August 23, 2013 and the Commission's Reasons for Decision on Sanctions and Costs dated August 8, 2014 in the matter of Wayne Pushka and Crown Hill Capital Corporation (the "Appellants").
The Court dismissed the Appellants' appeal to set aside the Commission's findings, and the sanctions ordered, on the grounds that the conclusions reached by the Commission in its findings were reasonable.
The Court's decision is one of the only decisions of the Divisional Court to consider the fiduciary duty owed by investment fund managers to the investment funds they manage.
For information about the appeal, contact the Court, referencing the Appellants and the Court file number 381-14. Appeals are heard by the courts, and any information relating to them 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
SOURCE Ontario Securities Commission
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