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The Ontario Securities Commission (OSC) is seeking a trading ban against an admitted fraudster.

The OSC issued a notice of hearing against Stanislaw Pasyk, who pled guilty to fraud over $5,000 in February 2019 and was sentenced to serve a conditional sentence of two years less a day, followed by three years of probation. He’s also prohibited from holding a job that involves having authority over money or real property.

Securities regulators are now seeking a reciprocal enforcement order that would ban him from securities markets.

According to the OSC’s allegations against him, Pasyk raised over $1 million from investors to finance his diamond exploration company, A4 Diamonds Inc., which involved misrepresentations to investors.

The allegations indicate that less than $60,000 on the money raised was used for the company’s business, and over $600,000 was diverted to his personal accounts.

“[Pasyk] admits that he made false and misleading statements to investors in order to finance his lifestyle, pay the mortgage on his home and fund other unrelated businesses,” the allegations said.

The OSC also noted that Pasyk received a conditional sentence after making full restitution to the investors.