Two people have been charged with securities fraud and other offences in connection with an alleged illegal distribution, the Ontario Securities Commission (OSC) announce on Monday.

Pasqualino “Lino” Novielli of Vaughan, Ont. and Rebecca Mori of Toronto have been charged with alleged breaches of securities laws stemming from the sale of securities in a company known as I-On Inc. that allegedly perpetrated a fraud on investors, the OSC says in a statement.

According to an investigation by the OSC’s Joint Serious Offences Team (JSOT), approximately $1.2 million was raised from investors in the scheme.

Novielli and Mori were each charged with one count of securities fraud, one count of trading without registration, and one count of trading in securities without a prospectus. Novielli was also charged with two counts of trading while prohibited. Back in 2013, he was permanently banned from securities markets, along with financial sanctions, after an OSC hearing found that he participated in a fraudulent investment scheme and violated securities law.

These latest changes have not been proven. The first court appearance for Mori is scheduled for Dec. 2, before the Ontario Court of Justice in Toronto. Novielli’s first appearance is scheduled for Dec. 3, also before the Ontario Court of Justice.

The JSOT is an enforcement partnership between the OSC, the RCMP’s Financial Crime program and the OPP’s Anti-Rackets Branch.