The Ontario Securities Commission has approved a settlement agreement with David Bromberg concerning the suspension of Buckingham Securities Corp.
The OSC alleged that during the period from March 1997 to July 2001 Buckingham failed to segregate fully paid or excess margin securities owned by its clients, failed to maintain adequate capital at all times, and failed to keep such books and records in violation of requirements of Ontario securities law.
OSC further alleged that for the fiscal years ending March 31, 1999 and March 31, 2000, Buckingham made statements in Form 9 reports required to be filed or furnished under Ontario securities law that, in a material respect and at the time and in the light of the circumstances under which they were made, were misleading or untrue.
In the settlement agreement approved by the OSC yesterday, Bromberg made admissions that he authorized, permitted or acquiesced in Buckingham’s violations of the requirements of Ontario securities law outlined above, and that his conduct was contrary to the public interest.
As a term of the settlement, Bromberg filed a written undertaking with the OSC that he will never apply for registration in any capacity under Ontario securities law, and that he will never have any ownership interest, directly or indirectly, in any registrant.
The sanctions ordered by the OSC include:
- termination of Bromberg’s registration under Ontario securities law; and
- a permanent prohibition against Bromberg from becoming or acting as a director or officer of any reporting issuer, an officer or director of any issuer that is a registrant or any issuer that directly or indirectly has any interest in any registrant.