The Ontario Securities Commission (OSC) has permanently banned a man sanctioned by the BC Securities Commission (BCSC) for unregistered trading.
The OSC released its decision and reasons Monday imposing sanctions against Michael Robert Shantz and Canada Pacific Consulting Inc. in the wake of a March 2012 decision by the BCSC, which found that: Canada Pacific engaged in unregistered trading; as sole director and officer of Canada Pacific, Shantz contravened securities law; and, that they perpetrated a fraud.
The BCSC imposed a permanent bans against them, along with ordering over $1.5 million in disgorgement and a $630,000 penalty.
BCSC issues lifetime ban against B.C. man for fraud
Now, the OSC has reciprocated the permanent trading and registration bans against both Shantz and the firm. Neither appeared to oppose the action against them, and the OSC noted that there are no mitigating factors in the case.
“I find that the BCSC order imposed significant sanctions on the respondents and that the commission should exercise its discretion to impose sanctions consistent with those imposed by the BCSC order,” it said in its decision. “A protective order imposing market conduct restrictions on the respondents that are substantially similar to those imposed by the BCSC order are required to protect Ontario investors and Ontario capital markets from similar misconduct by the respondents.”