An Ontario Securities Commission (OSC) hearing panel has hit another former salesman with boiler room brokerage Maitland Capital Ltd. with a three-year trading ban.
The panel Tuesday handed down sanctions against Tom Mezinski, who, it says, worked as a salesperson for Maitland.
The panel ordered that Mezinski cease trading for three years, that he be reprimanded, and ordered to pay $595 in disgorgement. It also ordered that he be prohibited permanently from soliciting securities trades over the phone from Ontario.
Earlier this year, the OSC also issued a three-year trading ban to another former Maitland salesman, Steven Lanys. Mezinski did not appear at that hearing, or at his penalty hearing.
OSC bans ex Maitland Capital salesman
In its sanctions decision, the panel said that while Mezinski was a participant in the scheme, it was the firm’s two founders, Abraham Grossman and Hanoch Ulfan, who orchestrated the fraudulent scheme and appear to be the directing minds of Maitland.
In 2011, after a quasi-criminal hearing, the pair were sentenced to 21 months in jail. And, the firm itself was fined $1 million.
The OSC charged that Maitland was a boiler room that raised approximately $5.5 million from 1,200 investors across Canada and in other countries.