In a decision issued Tuesday, the Ontario Securities Commission found that Brian Costello’s failure to become registered as an adviser contravened section 25(1)(c) of the Ontario Securities Act.

“His failure to make full, complete and conspicuous disclosure of his many conflicts of interest was contrary to the public interest,” the three-member panel of the commission said in its decision.

The panel has requested submissions from counsel for Costello and OSC staff on what sanctions, if any, should be made in the public interest.