A pair of Toronto men stand accused of fraud in an alleged $6.8 million illegal distribution case.
The Ontario Securities Commission (OSC) announced that Robert Heward and William Wallace, both of Toronto, have each been charged with one count of fraud, one count of trading without registration, and one count of trading in securities without a prospectus, in connection with the sale of securities in a company called Londoni Gold Corp.
The regulator alleges that an investigation by its Joint Serious Offences Team (JSOT) found that between December 2009 and December 2013, Heward and Wallace engaged in acts that they knew, or ought to have known, perpetrated a fraud on Canadian investors. The OSC charges that approximately $6.8 million was raised from investors as part of the scheme; that neither man has ever been registered with the OSC, and that the company has never filed a prospectus.
The allegations have not been proven. The first court appearance in the case is scheduled for October 22 at the Ontario Court of Justice in Toronto.