Victims of an illegal distribution scheme are invited to submit claims for compensation from funds collected under a civil forfeiture procedure, the Ontario Securities Commission announced Tuesday.
Just under $70,000 has been seized in the case involving Rezwealth Financial Services Inc., Tiffin Financial Corp., and several other firms and individuals, under a process that allows the Ministry of the Attorney General of Ontario (AGO) to seek a court order requiring the forfeiture of the proceeds of illegal activity, the OSC says in a new release.
The OSC ordered more than $3 million is disgorgement and almost $1 million in penalties in the case (along with market bans) in 2014, after finding numerous violations of securities rules in the case.
“Victims of the specific unlawful activity that lead to this forfeiture may submit a claim for compensation,” the OSC say.
Claims are due by May 18 to the Civil Remedies for Illicit Activities Office (CRIA).
The OSC has entered a memorandum of understanding with both CRIA and the AGO to exchange information and administer legislation for civil remedies.