The Ontario Securities Commission (OSC) on Thursday announced sanctions against a former rep who admitted to trading without registration since he left the business.
The OSC has settled with Julius Caesar Phillip Vitug, a former rep who was permanently banned by the Investment Industry Regulatory Organization of Canada (IIROC) back in 2010, after an IIROC hearing panel found that he violated the self-regulatory organization’s rules by having undisclosed financial dealings with clients. He has not been registered since the IIROC ban took effect in 2010.
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According to the settlement with the OSC, Vitug admitted to trading without registration between 2011 and 2014 by helping an Alberta company raise approximately $10 million from 40 investors in Ontario.
He “served as a liaison between the issuer and the investors and in this manner facilitated the trades. He also introduced certain of the investors to the investment,” the settlement states, and he was paid more than $100,000 in commissions for facilitating these trades.
Vitug admitted to trading without registration. The settlement also notes that he co-operated with OSC staff’s investigation.
Under the settlement, Vitug will pay a $220,000 penalty, disgorge the $114,369 in commissions he generated from the trading, and pay $15,000 in costs. He is also banned from trading, registration, serving as a director or officer, and from relying on exemptions in Ontario, for 10 years.