A repeat securities offender has been sentenced to jail time and probation after pleading guilty to violating an existing trading ban, the Ontario Securities Commission (OSC) said Tuesday.
The Ontario Court of Justice sentenced Wesley Wayne Weber to 90 days in prison and two years probation after he pleaded guilty to trading securities while prohibited under an order imposed by the OSC back in 2011.
That order banned him from trading for 15 years, until 2026.
The OSC says that, using the alias “Wesley Kam,” Weber violated that ban by arranging for shares in a startup company known as Incryptex Ltd. to be issued, and accepting funds for those shares.
“Weber also oversaw the creation of presentations to solicit Ontario investors for Incryptex,” the OSC noted, adding that his activities violate the 2011 cease trade order, which remains in effect.
Weber pleaded guilty to violating the OSC ban back in January.