A man and his firm that were found to be providing unregistered investment advice have been banned for 15 years and ordered to pay over $500,000 in sanctions and costs by the Ontario Securities Commission (OSC).

Back in September, an OSC hearing panel ruled that Alexander Christ Doulis and his company, Liberty Consulting Ltd., violated securities laws by engaging in unregistered advising through powers of attorney that Doulis held over numerous brokerage accounts. It also found that he misled commission investigators.

Consultant provided advice without being registered: OSC

The OSC issued its sanctions decision Monday, ordering that Doulis and Liberty be banned from trading and from the industry for 15 years, that he be ordered to pay a $200,000 penalty, that the firm be required to pay a $100,000 penalty, and that they jointly pay almost $200,000 in costs. It also ordered disgorgement of $37,317 and US$8,454.

The panel dismissed Doulis claim for penalties and costs against OSC staff. According to the decision, he sought $500,000 in punitive damages from the OSC for reputational harm caused by the case against him, and as punishment for their “egregious behavior”. He also argued that criminal charges be brought against a couple of OSC enforcement staffers.