TORONTO, March 30, 2016 /CNW/ - The Ontario Securities Commission (OSC) announced today that Vernon Smith was sentenced to 15 months in jail and one year of probation by Mr. Justice John Moore at the College Park - Ontario Court of Justice.
Following an investigation by the OSC's Joint Serious Offences Team (JSOT) and a subsequent trial, Mr. Smith was found guilty on December 1, 2015 of four counts of breaching Commission cease trade orders, two counts of unregistered trading and one count of advising without registration 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
SOURCE Ontario Securities Commission
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