The Ontario Securities Commission (OSC) is seeking to reciprocate the enforcement sanctions of a couple of other Canadian regulators.

The OSC announced today that it will hold hearings on July 9 to consider imposing its own sanctions on respondents that were previously sanctioned by the Alberta and B.C. securities commissions.

The commission issued a notice of hearing Friday against Ajit Singh Basi, who is subject to an order made by the B.C. Securities Commission (BCSC) on December 22, 2011, after a panel of the BCSC found that Basi perpetrated a fraud. The BCSC ordered that he be permanently banned from the market, along with a fine and disgorgement order. (See Investment Executive, BCSC bans former fund salesman for fraud, January 3, 2012.)

Similarly, its seeking to impose its own penalties against Vincent Sirianni, who was sanctioned by the Alberta Securities Commission (ASC) in December 2011, after they entered into a statement of admissions and joint recommendation. It says that he admitted to raising $60,000-$80,000 by distributing securities in a non-existent entity to at least 12 investors, among other things. He was also permanently banned by the ASC, ordered to pay an administrative penalty and costs. (See Investment Executive, ASC sanctions Calgary man $180,000 for fraud, December 12, 2011.

In both cases, OSC staff allege that it is in the public interest to make its own orders against them. It is seeking to have these cases heard in written hearings.