(August 3 -17:45 ET) – The Ontario Securities Commission has approved a settlement with alleged boiler room brokerage Price Warner Securities Ltd. and its principals Ian Rolin and Lorne Rolin.
On July 27, the OSC issued a Notice of Hearing against Price Warner and the Rolins, accusing them of selling 13 stocks that were trading on the Canadian Dealing Network Inc. at excessive mark-ups. The mark-ups ranged from approximately 112% to 574%. Gross revenue from these trades amounted to approximately $26.4 million.
The OSC reprimanded Price Warner and the Rolins. It suspended the company’s registration, effective 17:00 ET Friday, August 11, and ordered Price Warner to wind up its business by that time. It also imposed terms ensure that the brokerage is “wound up in an orderly manner”. The firm is required to move its clients and their assets to a firm that is a member of the Investment Dealers Association.
Ian Rolin is suspended for 15 years, and prohibited from applying for registration or acting as an officer, or owning more than 20% of a reporting issuer for 15 years. He is also banned for life from being involved directly in the management of a registrant, and from owning more than a 20% interest in any registered firm. Lorne Rolin gets the same penalties for a term of seven years.
The respondents were also ordered to pay $25,000 to the OSC to cover costs of the investigation
-IE Staff