An Ontario man has been sentenced to 30 days in jail, along with other sanctions, in connection with his part in an alleged boiler room scheme, the Ontario Securities Commission announced on Thursday.
Edward Ozga was sentenced to 30 days in jail and two years of probation after he pled guilty to two counts of fraud, two counts of unregistered trading, and two counts of illegal distribution, the OSC says in a statement.
The charges, which followed an investigation by the OSC’s Joint Serious Offences Team (JSOT), stemmed from his role at an alleged boiler room brokerage that sold unregistered securities in two firms, Osler Energy Corp. and AMTE Services Inc., to approximately 20 Canadian investors. The firms and Ozga were cease traded by the OSC back in 2012.
In July of this year, Ozga pled guilty to several charges against him. In addition to jail time and probation, the Ontario Court of Justice also granted a compensation order against Ozga for investors’ losses of $159,768.50. Ozga was also ordered to pay $44,000 in restitution to the OSC.
The JSOT is an enforcement partnership between the OSC, the RCMP Financial Crime program, and the OPP’s Anti-Rackets Branch.