The Ontario Securities Commission (OSC) announced on Monday that it will be holding a hearing on Sept. 9 to consider whether to impose an interjurisdictional enforcement order against Paul Camillo DiNardo, who pled guilty to fraud earlier this year in connection with unregistered investments and is now serving time in prison.
DiNardo, who pled guilty to two charges of fraud of more than $5,000 (among other charges) in the Ontario Superior Court of Justice in April, was sentenced to five years in prison. After accounting for two years and 10 months for pretrial credit, he was effectively sentenced to two years and two months. Now, the OSC is seeking its own order against him, noting that the offences involved securities.
A statement from the OSC says that one of the fraud charges resulted from a scheme that ran between April 2005 and November 2010, which saw 160 investors recruited to invest approximately $13 million in purported oil and real estate ventures; of that total, about $6 million was repaid to investors.
The second charge allegedly involved DiNardo convincing his 86-year-old physician to provide him with $1.1 million to invest in a company called North American Carrier Services. Of the initial outlay, more than $1 million remains outstanding, only $32,500 was repaid to the investor.