Regulators in Ontario are reciprocating sanctions imposed by the Alberta Securities Commission (ASC) following settlement agreements between the ASC and several admitted securities law violators.

In two separate cases, the Ontario Securities Commission (OSC) has ordered sanctions against respondents that have entered settlements with the ASC to resolve enforcement allegations. The OSC orders impose the same trading and registration bans imposed by the ASC.

In one case, the OSC has banned a former advisor, Kris Sundell, for five years, after he admitted, in the ASC case, to trading in the securities of Teras Resources Inc. that “resulted in a false and misleading appearance of trading activity and in an artificial price”.

In a settlement with the ASC, Sundell agreed pay $45,000 and to accept a five-year trading ban. The OSC has now imposed its own trading ban until Feb. 20, 2019.

In the other case, the OSC has imposed its own version of market bans against three individuals — Patrick Myles Lough, Lynda Dawn Davidson and Wayne Thomas Arnold Barnes — who also settled allegations from the ASC that they raised approximately $2.9 million from 23 investors without filing a prospectus and without an exemption; they also admitted to making false or misleading statements to potential investors.

The OSC has reciprocated the four-year bans imposed against Lough and Barnes, and the three-year ban on Davidson, that were part of their settlement with the ASC.

The respondents in these cases did not appear at the OSC hearing to consider reciprocal sanctions.