The Ontario Securities Commission has commenced a proceeding against author and personal finance personality Brian Costello.

Staff of the commission allege that Costello acted as an advisor without being registered by recommending the purchase of specific securities to attendees at his seminars, readers of his newsletter, and listeners of his radio segments, and by offering his opinion on the investment merits of those securities.

In addition, OSC staff allege that Costello engaged in this conduct without disclosing that he held an interest in a company that would benefit financially from the sale of those securities, or that he received fees for publishing articles in his newsletter which recommended those securities.

Staff also allege that Costello engaged in conduct which constituted trading in securities without being registered, by carrying out acts in furtherance of trades of securities by way of his seminars, radio segments, and the articles published in his newsletter.

The first appearance in this matter will take place on Thursday, January 31 at the OSC offices in Toronto.