The regulator is seeking to ban Garth Drabinksy, ho defrauded investors of an estimated $500 million, from acting as a director or officer of a public company and acting as or becoming a registrant in Ontario
The breaches include numerous administrative, accounting, compliance and oversight failures
The shares were issued last month without a vote by shareholders
The company’s CFO will be assigned new responsibilities after first-quarter results are filed next month
The changes to the current rules “have been simplified to improve fairness and accessibility, particularly for a broad range of respondents”
The regulator alleges that the firm misled shareholders about the causes of the decline in mortgage originations, which were related to fraud among certain mortgage brokers
Former Aston Hill Asset Management exec has been banned from trading for two years and will pay a total of $11,000 for his role in the scandal
The independent advisory group that represents investor interests at the OSC is calling for policy reform, enforcement action and a new best interest standard
A portfolio manager, various executives and an advisor are alleged to have traded on information that was subject to a non-disclosure agreement
The latest annual report from the OSC’s independent advisory group says the time has come to introduce a best interest standard and eliminate embedded commissions