OSC approves settlement agreement

(September 23 – 15:00 ET) – The Ontario Securities Commission has approved a settlement agreement entered into between Staff and Michael McGuigan. The settlement relates to a allegations issued against McGuigan earlier this month. Commission investigators alleged that McGuigan provided advice on investing in securities through an Internet newsletter called “WealthLine”.

In the Settlement Agreement, McGuigan admitted his conduct as the author of WealthLine was contrary to the public interest. He acted as an adviser without registration, contravening the Securities Act. He recommended the purchase and sale of securities in a publication without disclosing his interest in those securities.