The OSC announces fraud allegations against SponsorsOne Brands Inc. and Gary and Myles Bartholomew

TORONTO, April 1, 2026 /CNW/ - On March 27, 2026, the Ontario Securities Commission (OSC) announced fraud allegations against SponsorsOne Brands Inc. (SPO), Gary Bartholomew and Myles Bartholomew (together, the Bartholomews). The OSC alleges SPO and the Bartholomews misused the consultant exemption to the prospectus requirement to illegally distribute shares and commit securities fraud.  It is further alleged that WestCan Energy Ltd. (WestCan), a purported consultant, and Mr. John Cameron Cunningham (principal and directing mind of Westcan), participated in the illegal distribution of SPO shares.

In 2020 and 2021, SPO and the Bartholomews, issued approximately 1.2 billion SPO treasury shares to five entities described as marketing consultants, ostensibly for marketing services. The OSC alleges, however, that little to no meaningful marketing work was performed. Instead, the purported consultants sold the shares on the open market and directed approximately CAD $24 million to or for the benefit of SPO and the Bartholomews.

Although SPO claimed the shares were issued under the consultant exemption from the prospectus requirement, the OSC alleges the consultants acted as de facto underwriters, improperly distributing shares to the public.

A case management hearing will be held before the Capital Markets Tribunal on May 7, 2026, at 10:00 am EST. A copy of the Application for Enforcement Proceeding is available on the Capital Markets Tribunal website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. 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 www.osc.ca.

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SOURCE Ontario Securities Commission

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