The Ontario Securities Commission (OSC) has issued an order permanently banning a man from the markets, reciprocating an order of the Alberta Securities Commission (ASC) against him.
The OSC released an order Wednesday, permanently banning Vincenzo Sirianni from trading, registration, and serving as a director or officer of an issuer, following a written hearing.
Sirianni was similarly banned by the ASC back in 2011 after it found that he engaged in illegal distributions of securities, made materially misleading statements, and perpetrated a fraud. In addition to banning him, it also ordered him to pay an administrative penalty of $180,000; and $9,000 towards the cost of the investigation. (See Investment Executive, ASC sanctions Calgary man $180,000 for fraud, December 12, 2011).
OSC staff sought a similar ban against him in order to protect investors and the capital markets in Ontario, based on the ASC order. And, the commission ruled in staff’s favour, noting that it is relying on the ASC order and is not second-guessing the ASC’s findings.