(October 31 – 13:20 ET) – Yesterday the Hon. Judge J.J. Douglas of the Ontario Court of Justice sentenced two officers and directors of Dual Capital Management Ltd. to prison for distributing and trading in securities contrary to Ontario securities law. The firm received a $1 million fine.
Warren Wall was sentenced to a 30-month prison term, while Joan Wall received a 22-month sentence.
During the period from October 1994 to December 1996, Dual Capital Management Ltd., Warren Wall and Joan Wall sold units in Dual Capital Limited Partnership to 49 Ontario investors. The sale of the units raised approximately US$1.5 million in funds.
During their trial, the Walls each pleaded guilty to charges under the Ontario Securities Act relating to the distribution and sale of the units without registration and without a prospectus.
-IE Staff