The Ontario Securities Commission (OSC) has reciprocated a ban against a man who was found to have traded without registration and participated in an illegal distribution in Alberta.
The OSC announced on Friday that it has banned Gordon Mak from trading, registration and relying on exemptions until Dec. 2, 2020. This is subject to certain retirement account carve-outs. The sanctions reciprocate penalties he agreed to as part of a settlement with the Alberta Securities Commission (ASC) back in December 2014.
Mak did not appear at the OSC hearing. The OSC reports that he wrote to the commission indicating that he takes no position on its proceedings against him and that he has no intention to carry on business in Ontario.
In his settlement with the ASC, Mak admitted to unregistered trading and advising as well as engaging in an illegal distribution of securities of Goldenrod Resources Inc. and Clean Power Technologies Inc.
In levying its penalties, the OSC said that the sanctions proposed by its staff “are prospective in nature, they are proportionate to the conduct and will provide both specific and general deterrence, and will protect the public in Ontario from similar misconduct by Mak.”