An Ontario court has convicted two men of operating a “boiler room” to sell shares of Maitland Capital Ltd. to investors.

Justice Sparrow of the Ontario Court of Justice has found Abraham Grossman, Hanoch Ulfan and Maitland Capital Ltd. guilty on 10 counts of breaching Ontario securities law.

The convictions arise from allegations that the defendants operated what is referred to in the securities industry as a “boiler room”, which they used to sell shares of Maitland Capital.

The sentencing hearing is scheduled for May 4, in Toronto.

IE