Gavel and legal books

Almost $3 million has been recovered in the Phoenix group unregistered trading case, and is now available to be returned to victims of the scheme, according to a notice published by Ontario’s Ministry of the Attorney General.

The notice states that $2.96 million has been forfeited to Ontario’s Civil Remedies for Illicit Activities Office (CRIA) and has been deposited into an account that will be used to compensate victims of securities law violations.

The respondents settled with the Ontario Securities Commission (OSC) in 2011. They admitted to violating securities laws involving unauthorized trading and agreed to 15-year trading bans, along with a variety of monetary sanctions.

The Phoenix group respondents are: 2195043 Ontario Inc., Great Pacific International Inc., OSE Corp., Phoenix Capital Resources Inc., Phoenix Credit Risk Management Consulting Inc., Phoenix Pension Services Inc., Rathore & Associates Asset Management Ltd., Jawad Rathore, Vincenzo Petrozza, Omar Maloney and Thalbinder Poonian.

Victims that suffered losses as a result of the unlawful activity in the case can now make a claim for compensation. Claims are due by October 10.