News & Events

News Release


20 Queen St. W.
22nd Floor
Toronto, ON M5H 3S8
Commission des
valeurs mobilières
de l'Ontario

December 20, 2016

Court Dismisses Appeal by Former First Leaside Group Representatives

TORONTO – On December 16, 2016, the Superior Court of Justice (Divisional Court) upheld the Ontario Securities Commission’s Reasons for Decision on the Merits dated January 14, 2015 and the OSC’s Reasons for Decision on Sanctions and Costs dated October 28, 2015 in respect of David Charles Phillips and John Russell Wilson, former representatives for First Leaside Group. The Court dismissed the appeal to set aside the Panel’s findings of securities fraud and misrepresentation, and the disgorgement ordered, on the grounds that the conclusions reached by the Panel were reasonable.

“We are pleased with the Court’s decision to uphold the OSC Panel’s findings of securities fraud and misrepresentation in this matter,” said Jeff Kehoe, Director of Enforcement. “This misconduct is harmful to investors and the integrity of our capital markets.”

A copy of the decision is available on the Canadian Legal Information Institute website.

Documents relating to the underlying OSC proceeding, including the Reasons for Decision on the Merits and the Reasons for Decision on Sanctions and Costs, can be found at

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 .


For Media Inquiries:
For Investor Inquiries: OSC Contact Centre
1-877-785-1555 (Toll Free)
Twitter logo Follow us on Twitter
Linkedin logo Follow us on Linkedin