Director's Decisions
When staff recommends that the Director refuse, amend, or suspend registration, or impose terms and conditions, staff will send the registrant a letter providing written notice of its recommendation and brief reasons for it (the Letter of Brief Reasons). When the recommendation pertains to an individual applicant or registrant, OSC staff also sends a copy of the Letter of Brief Reasons to the sponsoring firm. Section 31 of the Act then gives the registrant the right to be heard by the Director before a decision is made concerning staff’s recommendation. This is known as an “opportunity to be heard”.
An opportunity to be heard is normally conducted in writing, although it can be conducted in person. The Director will issue a decision on the matter in writing to the firm or individual, and to OSC staff. The firm or individual has the right to ask the OSC to review the Director’s decision.
Registrants should be advised that staff will publish the following types of Director decisions:
- decisions for contested OTBHs;
- decisions approving joint recommendations to settle an OTBH where the recommendation is that the registrant be suspended;
- decisions approving joint recommendations to settle an OTBH where the recommendation is that terms and conditions requiring strict supervision be imposed.
Furthermore, staff will publish the following even when an OTBH has not been requested:
- decisions to suspend a registrant; and
- decisions to impose terms and conditions requiring strict supervision.
Listed below are Director’s decisions relating to opportunities to be heard since 2003.
-
2020
- December 3, 2020 Becksley Capital Inc. and Fabrizio Lucchese
- September 23, 2020 Kyle Krajewski
- August 7, 2020 W. A. Robinson Asset Management Ltd.
- July 21, 2020 John Doe
- June 29, 2020 Ramzee Tams
- June 5, 2020 PACE Securities Corp.
- May 5, 2020 Trevor Rosborough
- April 22, 2020 Michael Forsey
- March 10, 2020 RWS Capital Services Inc.
- February 24, 2020 Arie Papernick
- February 7, 2020 Jonathan Covello
- January 27, 2020 Merit Valor Capital Asset Management Corporation
-
2019
- December 20, 2019 Ontario Wealth Management Corporation (OWMC)
- October 4, 2019 Paul Wenden
- May 3, 2019 Wells Assets Management System Inc.
- May 2, 2019 Sterling Bridge Mortgage Corp.
- February 21, 2019 3iQ Corp. and The Bitcoin Fund
-
2018
- November 21, 2018 Maria Psihopedas
- October 29, 2018 Donald Mason (ADDENDUM)
- October 18, 2018 Glenn Coulson
- Sept 7, 2018 Chris Triantos
- July 18, 2018 Karine Brizard
- July 18, 2018 Anna Joanna Knight
- July 17, 2018 Antonetta Adebayo
- May 31, 2018 Todd Milligan
-
2017
- November 27, 2017 Bonwick Capital Partners, LLC
- November 14, 2017 R. Alan Filer
- November 13, 2017 Hugh Smilestone
- November 13, 2017 Pierre Prieur
- September 28, 2017 Acker Finley Asset Management Inc
- August 15, 2017 Sital Singh Dhillon
- July 13, 2017 Kashmir Singh Marok
- June 22, 2017 Hanane Bouji
- April 4, 2017 Christopher Aqui
-
2016
- December 2, 2016 George Ranisau
- October 20, 2016 Investar Investment Ltd., Liyuan Qi and Jian (Bob) Guo
- July 21, 2016 Waverley Corporate Financial Services Ltd.
- July 6, 2016 Smart Investments Ltd. and David Hopps
- April 28, 2016 John Doe
- April 28, 2016 Jarnail Kahlon
- March 17, 2016 Sanjiv Sawh – s. 31
- March 3, 2016 Greg Thompson
-
2015
- December 17, 2015 Edward Andrew Rempel
- November 11, 2015 Dhiren Desai – s. 31
- November 6, 2015 Cornerstone Asset Management L.P. - s. 31
- October 22, 2015 Vince Domenichini
- September 24, 2015 John Kodric
- September 3, 2015 Eva-Christine Missullis
- August 27, 2015 Argosy Securities Inc. and Keybase Financial Group Inc. – s. 31
- July 16, 2015 Stephen Zeff Freedman and Sloane Capital Corp
- May 1, 2015 Madison Peak Securities Ltd.
- January 6, 2015 Christopher Reaney
-
2014
- October 23, 2014 Gold Investment Management Ltd.
- October 16, 2014 Kevin Duffy
- August 21, 2014 Arkady Burdo
- August 6, 2014 Acasta Capital Inc.
- June 13, 2014 Wealth Stewards Portfolio Management Inc. and Sushila Lucas
- February 28, 2014 Pro-Financial Asset Management Inc.
-
2013
- November 18, 2013 Sterling Grace & Co. Ltd. and Graziana Casale
- November 11, 2013 League Investment Services Inc.
- October 1, 2013 FCPF Corporation (Formerly Redev Corporation) and Richard Crenian
- September 24, 2013 Kingsmont Investment Management Inc. and Paget Arthurlyn Warner
- August 29, 2013 Anu Bala Jain
- July 29, 2013 Takota Asset Management, Inc.
- July 26, 2013 Adewale Gbalajobi
- June 4, 2013 Investment Allocation International Inc. and Marshall Miller
- April 26, 2013 White Capital Corporation and Matthew White - (ADDENDUM)
- February 1, 2013 Trafalgar Associates Limited
- February 1, 2013 Fast Track Capital Inc.
-
2012
- December 7, 2012 Jory Capital Inc.
- October 31, 2012 Trinity Wood Securities Ltd. and Peter Browning
- October 29, 2012 Neil Macpherson
- October 12, 2012 Eric Kaplan, William Russell, Quartz Capital Group Ltd., and Blythco Inc.
- August 16, 2012 Douglas Allan Lawson
- April 27, 2012 New Solutions Capital Inc. and Ronald James Ovenden
- April 20, 2012 Christopher Veigas Couto
- April 17, 2012 Paul Anthony Delaney
- March 23, 2012 ONE Financial Corporation and ONE Financial All-Weather Profit Family Corp.
- February 28, 2012 Anna Pyasetsky
- February 10, 2012 Morgan Dragon Development Corp, John Cheong, and Herman Tse
- January 12, 2012 Blueport Capital Corp. and John Hare
- January 6, 2012 M.H.
-
2011
- September 27, 2011 Alexander Adams
- August 30, 2011 Anchor Securities Limited and Martin Heppner
- August 17, 2011 Desron Financial Services Inc.
- July 28, 2011 Access Capital Corp.
- July 15, 2011 In the Matter of the Registration of Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- June 23, 2011 Windstar Equities Ltd.
- June 22, 2011 First Canadian Property Investments Ltd.
- June 22, 2011 Stephen Lorne Elias
- June 10, 2011 Hill Harris Hunt Capital Limited
- June 6, 2011 Fox Collins Securities Inc.
- June 3, 2011 Riccardo Alberto DiPronio
- June 3, 2011 Richard Derek Frost and RDF Capital Management Inc.
- June 3, 2011 Alfredo Pino
- April 27, 2011 Minvestec Capital Corp.
- April 25, 2011 Waterview Capital Corp. and Dimitrios Neilas
- April 14, 2011 Mistry, Jitendra Dalpat
- March 4, 2011 Obasi, Cyril
- January 25, 2011 Sanjiv Sawh and Vlad Trkulja
-
2010
- November 25, 2010 Abdelkader Hamdan
- November 9, 2010 Ittihad Securities Inc.
- September 22, 2010 Carter Securities Inc.
- August 12, 2010 Townend, Lance Cory
- June 7, 2010 Counsel Portfolio Services Inc.
- February 5, 2010 John Doe
- February 1, 2010 Trafalgar Associates Limited
-
2009
- October 28, 2009 Kaplan, Christopher and Poulstrup, Jake
- August 26, 2009 Uxbridge Capital Funding Inc.
- July 28, 2009 Sabeh, Chawky
- July 2, 2009 Brown, Donovan Gene
- June 2, 2009 Camden, Denise Marie
- June 2, 2009 Olea, Luis German
- February 11, 2009 Hopper, Kenneth Clark
- January 28, 2009 Thierry Gevaert as an Officer of Hav-Loc Private Wealth Partners Inc.
-
2008
- December 30, 2008 Vengrowth Capital Management Inc.
- October 27, 2008 Fitzgerald, Donald James
- October 10, 2008 GMP Investment Management L.P.
- September 3, 2008 Solovyev, Yegor
- June 16, 2008 CR Advisors Corporation
- June 11, 2008 Stone, Francis Thomas
- June 9, 2008 Craig, Lawrence William
- May 26, 2008 Claymore Investments, Inc.
- May 6, 2008 Najda, Teresa Elzbieta
- May 2, 2008 Collins, Norman John Frank
- April 29, 2008 AIG Global Investment Corp. (Canada)
- April 21, 2008 Meadowbank Asset Management Inc.
- February 5, 2008 Swift Trade Inc.
- January 28, 2008 Asbreuk, Rhonda
-
2007
- October 1, 2007 Connors, Theresa Darlene
- September 6, 2007 Menkara, Amer Adnan
- August 23, 2007 Wall, Jack
- August 10, 2007 Istanbul, Hacik
- February 28, 2007 McLachlan, W.R. Shawn
-
2006
- August 16, 2006 Pente Investment Management Ltd.
- June 27, 2006 Vultaggio, Peter
- June 1, 2006 Chou Associates Management Inc.
- May 17, 2006 Goldman Sachs Asset Management, L.P.
-
2005
- November 15, 2005 Enterprise Capital Management Inc.
- September 27, 2005 Optimal Models and Decisions Inc.
- August 31, 2005 Michalik, Jan
- August 29, 2005 Khan, Sarwat Roohi
- August 10, 2005 Hansberger Global Investors Inc.
- June 1, 2005 DeSilva, Roy Gamini
- February 25, 2005 Boisvert, Andre Edouard
-
2004
- August 23, 2004 Florence, Nathanael Paul
- August 17, 2004 Freedman, Stephen Zeff
- July 2, 2004 Monarch Delaney Financial Inc.
- June 4, 2004 Yaqueen, Abdullah Yama
-
2003
- November 28, 2003 Stuart-Russell, Nicholette
- July 18, 2003 Ng, Leng Wilson
- May 30, 2003 Assante Asset Management Ltd.
- May 30, 2003 Jen, Carson
- May 29, 2003 Cantillas, Angelito and Cantillas, Norita
- March 12, 2003 Coatsworth, Donald Kenneth and Coatsworth, Jane Matheson
This page presents decisions of the Director on registration matters arising out of Opportunities to be Heard according to topic. The headings used on this page represent some of the main issues that arise in these Director decisions.
The fact that a decision is listed under a particular heading means that the conduct described by the heading was alleged in the case, and not necessarily that the Director found the individual or company responsible for the conduct. In addition, some decisions involve more than one issue and accordingly they appear under multiple headings. Stakeholders should read a decision in full before referring to it for any purpose.
This page includes decisions of the Director on registration matters that have been issued since March 12, 2003, however stakeholders should determine whether there are any earlier decisions of the Director or the Commission that may be relevant for their purposes. Decisions of the Director and the Commission can be found in the OSC Bulletin.
This page is for informational purposes only, and is not intended to be legal advice. Stakeholders may wish to consult legal counsel if they have any questions about the application of a particular decision to their own circumstances.
Courses for Proficiency Requirement
-
Appointing an Ultimate Designated Person or Chief Compliance Officer
- Hanane Bouji
- New Solutions Capital Inc. and Ronald James Ovenden
- Ittihad Securities Inc.
- Monarch Delaney Financial Inc.
-
Best Execution
- Acker Finley Asset Management Inc
-
Commissions and Fees (Including Churning)
- Arie Papernick
- Christopher Aqui
- Paul Anthony Delaney
- Asbreuk, Rhonda
- Vultaggio, Peter
-
Compliance With Securities Laws of Foreign Jurisdictions
- Paul Wenden
- Wells Assets Management System Inc.
- Sterling Bridge Mortgage Corp.
- Bonwick Capital Partners, LLC
- Pierre Prieur
- Madison Peak Securities Ltd.
- Fast Track Capital Inc.
- Jory Capital Inc.
-
Compliance With Terms and Conditions of Registration
- Chris Triantos
- Karine Brizard
- Antonetta Adebayo
- Smart Investments Ltd. and David Hopps
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Freedman, Stephen Zeff
-
Conduct During Compliance Reviews
- White Capital Corporation and Matthew White - (ADDENDUM)
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Waterview Capital Corp. and Dimitrios Neilas
-
Conflicts of Interest
- Anna Joanna Knight
- Acker Finley Asset Management Inc
- Waverley Corporate Financial Services Ltd.
- Sterling Grace & Co. Ltd. and Graziana Casale
- Investment Allocation International Inc. and Marshall Miller
- White Capital Corporation and Matthew White - (ADDENDUM)
- Douglas Allan Lawson
- Waterview Capital Corp. and Dimitrios Neilas
- Sanjiv Sawh and Vlad Trkulja
- Carter Securities Inc.
- Maria Psihopedas
- Karine Brizard
- Antonetta Adebayo
- Sital Singh Dhillon
- Waterview Capital Corp. and Dimitrios Neilas
- Michalik, Jan
- Stuart-Russell, Nicholette
- Jen, Carson
-
Compliance System and Culture of Compliance
- Ontario Wealth Management Corporation (OWMC)
- Acker Finley Asset Management Inc
- Argosy Securities Inc. and Keybase Financial Group Inc. – s. 31
- Investar Investment Ltd., Liyuan Qi and Jian (Bob) Guo
- Waverley Corporate Financial Services Ltd.
- Smart Investments Ltd. and David Hopps
-
Duty to Supervise
- Donald Mason (ADDENDUM)
- Argosy Securities Inc. and Keybase Financial Group Inc. – s. 31
- George Ranisau
- Waverley Corporate Financial Services Ltd.
- Freedman, Stephen Zeff
- Cantillas, Angelito and Cantillas, Norita
-
False Client Documentation
- Hugh Smilestone
- Pierre Prieur
- Sital Singh Dhillon
- Christopher Aqui
- Jarnail Kahlon
- Dhiren Desai – s. 31
- Vince Domenichini
- Eva-Christine Missullis
- Christopher Reaney
- Kevin Duffy
- Wealth Stewards Portfolio Management Inc. and Sushila Lucas
- Kingsmont Investment Management Inc. and Paget Arthurlyn Warner
- Anu Bala Jain
- Paul Anthony Delaney
- Riccardo Alberto DiPronio
- Obasi, Cyril
- Hopper, Kenneth Clark
- Solovyev, Yegor
- Khan, Sarwat Roohi
- Florence, Nathanael Paul
- Ng, Leng Wilson
-
Financial Condition (Firm) (Including Requirement to Report Capital Deficiencies)
- RWS Capital Services Inc.
- Merit Valor Capital Asset Management Corporation
- Bonwick Capital Partners, LLC
- Cornerstone Asset Management L.P.
- Sterling Grace & Co. Ltd. and Graziana Casale
- League Investment Services Inc.
- Takota Asset Management, Inc.
- Investment Allocation International Inc. and Marshall Miller
- Trinity Wood Securities Ltd. and Peter Browning
- Morgan Dragon Development Corp, John Cheong, and Herman Tse
- Blueport Capital Corp. and John Hare
- Anchor Securities Limited and Martin Heppner
- Ittihad Securities Inc.
- Uxbridge Capital Funding Inc.
- Vengrowth Capital Management Inc.
- GMP Investment Management L.P.
- Claymore Investments, Inc.
- Meadowbank Asset Management Inc.
- Pente Investment Management Ltd.
-
Financial Condition (Individual)
- Jonathan Covello
- R. Alan Filer
- Trinity Wood Securities Ltd. and Peter Browning
- Sabeh, Chawky
- Brown, Donovan Gene
- Camden, Denise Marie
- Olea, Luis German
- Fitzgerald, Donald James
- Stone, Francis Thomas
- Najda, Teresa Elzbieta
- Collins, Norman John Frank
- Connors, Theresa Darlene
- Menkara, Amer Adnan
- McLachlan, W.R. Shawn
- DeSilva, Roy Gamini
- Coatsworth, Donald Kenneth and Coatsworth, Jane Matheson
-
KYC, KYP, and Suitability
- W. A. Robinson Asset Management Ltd.
- Ontario Wealth Management Corporation (OWMC)
- Anna Joanna Knight
- Acker Finley Asset Management Inc
- Sital Singh Dhillon
- Greg Thompson
- John Kodric
- Stephen Zeff Freedman and Sloane Capital Corp
- Gold Investment Management Ltd.
- Wealth Stewards Portfolio Management Inc. and Sushila Lucas
- Sterling Grace & Co. Ltd. and Graziana Casale
- FCPF Corporation (Formerly Redev Corporation) and Richard Crenian
- Adewale Gbalajobi
- Investment Allocation International Inc. and Marshall Miller
- White Capital Corporation and Matthew White - (ADDENDUM)
- Eric Kaplan, William Russell, Quartz Capital Group Ltd., and Blythco Inc.
- Douglas Allan Lawson
- Morgan Dragon Development Corp, John Cheong, and Herman Tse
- Blueport Capital Corp. and John Hare
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Richard Derek Frost and RDF Capital Management Inc.
- Alfredo Pino
- Waterview Capital Corp. and Dimitrios Neilas
- Sanjiv Sawh and Vlad Trkulja
- Townend, Lance Cory
- Hopper, Kenneth Clark
- Craig, Lawrence William
- Asbreuk, Rhonda
- Ng, Leng Wilson
-
Late Delivery of Financial Statements
- RWS Capital Services Inc.
- Merit Valor Capital Asset Management Corporation
- Bonwick Capital Partners, LLC
- Cornerstone Asset Management L.P.
- Acasta Capital Inc.
- Trafalgar Associates Limited (2013)
- Morgan Dragon Development Corp, John Cheong, and Herman Tse
- Access Capital Corp.
- Counsel Portfolio Services Inc.
- CR Advisors Corporation
- AIG Global Investment Corp. (Canada)
- Chou Associates Management Inc.
- Goldman Sachs Asset Management, L.P.
- Enterprise Capital Management Inc.
- Optimal Models and Decisions Inc.
- Hansberger Global Investors Inc.
- Assante Asset Management Ltd.
-
Misleading Investors or the Public
- Trevor Rosborough
- Investar Investment Ltd., Liyuan Qi and Jian (Bob) Guo
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Mistry, Jitendra Dalpat
- Abdelkader Hamdan
- Carter Securities Inc.
- Thierry Gevaert as an Officer of Hav-Loc Private Wealth Partners Inc.
-
Misleading Staff or Sponsor Firm
- Kyle Krajewski
- John Doe
- Ramzee Tams
- Arie Papernick
- Jonathan Covello
- Glenn Coulson
- Todd Milligan
- Sital Singh Dhillon
- Smart Investments Ltd. and David Hopps
- John Doe
- Jarnail Kahlon
- Edward Andrew Rempel
- Dhiren Desai – s. 31
- Sterling Grace & Co. Ltd. and Graziana Casale
- Kingsmont Investment Management Inc. and Paget Arthurlyn Warner
- Eric Kaplan, William Russell, Quartz Capital Group Ltd., and Blythco Inc.
- Christopher Veigas Couto
- Anna Pyasetsky
- M.H.
- Alexander Adams
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Riccardo Alberto DiPronio
- Mistry, Jitendra Dalpat
- Obasi, Cyril
- John Doe
- Trafalgar Associates Limited(2010)
- Thierry Gevaert as an Officer of Hav-Loc Private Wealth Partners Inc.
- Wall, Jack
- Khan, Sarwat Roohi
- Florence, Nathanael Paul
- Freedman, Stephen Zeff
-
Misuse of Investor Capital
- Investment Allocation International Inc. and Marshall Miller
- Blueport Capital Corp. and John Hare
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Mistry, Jitendra Dalpat
- Carter Securities Inc.
-
Non-Securities-Related Conduct
- Kyle Krajewski
- Sital Singh Dhillon
- Celly, Sahil
- M.H.
- Istanbul, Hacik
- Boisvert, Andre Edouard
- Yaqueen, Abdullah Yama
-
Other Orders Made Against Registrant
- PACE Securities Corp.
- Sital Singh Dhillon
- New Solutions Capital Inc. and Ronald James Ovenden
- Trafalgar Associates Limited (2013)
-
Outside Business Activity (Including Off-Book Dealing)
- George Ranisau
- John Kodric
- Abdelkader Hamdan
- Hopper, Kenneth Clark
- Thierry Gevaert as an Officer of Hav-Loc Private Wealth Partners Inc.
- Asbreuk, Rhonda
- Khan, Sarwat Roohi
-
Outstanding Litigation or Investigation
- Argosy Securities Inc. and Keybase Financial Group Inc. – s. 3 1
- Trafalgar Associates Limited (2013)
- Kaplan, Christopher and Poulstrup, Jake
- Thierry Gevaert as an Officer of Hav-Loc Private Wealth Partners Inc.
- Swift Trade Inc.
-
Rehabilitation of Fitness for Registration
- Sanjiv Sawh – s. 31
-
Reliance on Prospectus Exemptions
- Ontario Wealth Management Corporation (OWMC)
- Anna Joanna Knight
- Sterling Grace & Co. Ltd. and Graziana Casale
- FCPF Corporation (Formerly Redev Corporation) and Richard Crenian
- Kingsmont Investment Management Inc. and Paget Arthurlyn Warner
- Investment Allocation International Inc. and Marshall Miller
- Douglas Allan Lawson
- Blueport Capital Corp. and John Hare
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Richard Derek Frost and RDF Capital Management Inc.
- Sanjiv Sawh and Vlad Trkulja
- Waterview Capital Corp. and Dimitrios Neilas
-
Trading or Advising Without Appropriate Registration
- Trevor Rosborough
- Michael Forsey
- Anna Joanna Knight
- Kashmir Singh Marok
- Investar Investment Ltd., Liyuan Qi and Jian (Bob) Guo
- Smart Investments Ltd. and David Hopps
- John Kodric
- Arkady Burdo
- Wealth Stewards Portfolio Management Inc. and Sushila Lucas
- Sterling Grace & Co. Ltd. and Graziana Casale
- FCPF Corporation (Formerly Redev Corporation) and Richard Crenian
- Anu Bala Jain
- Adewale Gbalajobi
- Neil Macpherson
- Eric Kaplan, William Russell, Quartz Capital Group Ltd., and Blythco Inc.
- Blueport Capital Corp. and John Hare
- Anchor Securities Limited and Martin Heppner
- Desron Financial Services Inc.
- Royal Securities Corp. and Ningyuan Guo also known as Mark Guo
- Stephen Lorne Elias
- Waterview Capital Corp. and Dimitrios Neilas
- Abdelkader Hamdan
- Townend, Lance Cory
- Thierry Gevaert as an Officer of Hav-Loc Private Wealth Partners Inc.
- Asbreuk, Rhonda
- Florence, Nathanael Paul