{ "version": "https://jsonfeed.org/version/1.1", "title": "Market Manipulation: OSC enforcement actions", "home_page_url": "https://marketmanipulation.org/cases/agency/OSC/", "feed_url": "https://marketmanipulation.org/feeds/regulator/OSC.json", "description": "The 30 most recent Ontario Securities Commission records in the Market Manipulation library, each linked to its primary source.", "language": "en-US", "items": [ { "id": "https://marketmanipulation.org/cases/osc-ontario-securities-commission-v-jessica-tam-insider-trading-2025/", "url": "https://marketmanipulation.org/cases/osc-ontario-securities-commission-v-jessica-tam-insider-trading-2025/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/ontario-securities-commission-v-tam", "title": "OSC v. Ontario Securities Commission v Jessica Tam (insider trading, 2025)", "summary": "In 2025 the Capital Markets Tribunal approved a settlement with Jessica Tam, who admitted taking part in an insider trading scheme devised by Huy Le Huynh around the Penn National Gaming acquisition of Score Media & Gaming. She agreed to disgorge C$120,000 and accept a two-year trading ban.", "date_published": "2025-10-22T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-ontario-securities-commission-v-huy-le-huynh-insider-trading-2025/", "url": "https://marketmanipulation.org/cases/osc-ontario-securities-commission-v-huy-le-huynh-insider-trading-2025/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/ontario-securities-commission-v-huynh", "title": "OSC v. Ontario Securities Commission v Huy Le Huynh and Thi Anh Nguyet Pham (insider trading, 2025)", "summary": "In 2025 the Capital Markets Tribunal approved a settlement with Huy Le Huynh, a vice-president of finance at Score Media & Gaming, over insider trading and tipping around the company's acquisition by Penn, and with his wife Thi Anh Nguyet Pham, who admitted conduct contrary to the public interest. Huynh agreed to a C$325,000 penalty, C$270,000 disgorgement and C$40,000 in costs.", "date_published": "2025-09-23T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-ontario-securities-commission-v-blockratize-inc-2025/", "url": "https://marketmanipulation.org/cases/osc-ontario-securities-commission-v-blockratize-inc-2025/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/ontario-securities-commission-v-blockratize-inc", "title": "OSC v. Blockratize Inc. and Adventure One QSS Inc. (2025)", "summary": "In April 2025 the Ontario Capital Markets Tribunal approved a settlement in which Blockratize Inc. and Adventure One QSS Inc., operators of the Polymarket prediction-market platform, admitted offering short-dated binary options to Ontario residents between June 2020 and May 2023 contrary to the binary options prohibition. They must pay a C$200,000 administrative penalty jointly and C$25,000 in costs. The case concerns an unlawful offering, not rigged execution or manipulation.", "date_published": "2025-04-01T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-thomas-john-finch-insider-trading-2023/", "url": "https://marketmanipulation.org/cases/osc-thomas-john-finch-insider-trading-2023/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/finch-re", "title": "OSC v. Thomas John Finch (insider trading, 2023)", "summary": "In 2025 the Capital Markets Tribunal approved a settlement with Thomas John Finch, a member of the deal team on the acquisition of Liberty Health Sciences, who admitted buying Liberty shares repeatedly before the announcement. The order carries a C$235,000 penalty, C$22,336.27 in costs and a ten-year trading ban.", "date_published": "2023-10-25T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-charles-debono-ponzi-schemes-2023/", "url": "https://marketmanipulation.org/cases/osc-charles-debono-ponzi-schemes-2023/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/debono-re", "title": "OSC v. Charles DeBono (ponzi schemes, 2023)", "summary": "In 2023, the regulator obtained a judgment against Charles DeBono, alleging conduct this library classifies as ponzi schemes. The release does not state a monetary figure that we were able to extract. A parallel criminal matter is referenced in the release.", "date_published": "2023-10-23T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] }, { "id": "https://marketmanipulation.org/cases/osc-derek-scheinman-ponzi-schemes-2023/", "url": "https://marketmanipulation.org/cases/osc-derek-scheinman-ponzi-schemes-2023/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/scheinman-re", "title": "OSC v. Derek Scheinman (ponzi schemes, 2023)", "summary": "In September 2023 the Ontario Securities Commission began a reciprocal proceeding against Derek Scheinman, who pleaded guilty to two counts of fraud over $5,000 involving about $23 million, and on November 13, 2023 imposed permanent market bans.", "date_published": "2023-09-06T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] }, { "id": "https://marketmanipulation.org/cases/osc-nova-tech-ltd-2023/", "url": "https://marketmanipulation.org/cases/osc-nova-tech-ltd-2023/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/nova-tech-ltd-re-0", "title": "OSC v. Nova Tech Ltd. and Cynthia Petion (2023)", "summary": "In 2023 Ontario Securities Commission staff alleged that Nova Tech Ltd and its chief executive Cynthia Petion sold units of a \"PAMM\" trading product to Ontario investors through an online multi-level marketing campaign without registration or a prospectus, and kept selling after a cease trade order. The tribunal's December 2024 order imposed permanent bans, a $2.5 million penalty and $31,000 of disgorgement.", "date_published": "2023-08-25T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-april-vuong-ponzi-schemes-2023/", "url": "https://marketmanipulation.org/cases/osc-april-vuong-ponzi-schemes-2023/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/vuong-re", "title": "OSC v. April Vuong and Hao Quach (ponzi schemes, 2023)", "summary": "In 2023 the Ontario Securities Commission reciprocated the criminal convictions of April Vuong and Hao Quach for defrauding investors of $5.1 million in a scheme resembling a Ponzi scheme, and on September 29, 2023 made their market bans permanent.", "date_published": "2023-06-19T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] }, { "id": "https://marketmanipulation.org/cases/osc-aaron-wolfe-insider-trading-2023/", "url": "https://marketmanipulation.org/cases/osc-aaron-wolfe-insider-trading-2023/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/wolfe-re", "title": "OSC v. Aaron Wolfe (insider trading, 2023)", "summary": "In 2023 the Capital Markets Tribunal approved a settlement in which Aaron Wolfe admitted illegal insider trading in Tahoe Resources shares in November 2018, using information about a proposed acquisition that he obtained from a third party. He agreed to an administrative penalty of C$200,000, disgorgement of C$125,064 and costs of C$15,000.", "date_published": "2023-02-17T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-cormark-securities-inc-2022/", "url": "https://marketmanipulation.org/cases/osc-cormark-securities-inc-2022/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/cormark-securities-inc-re", "title": "OSC v. Cormark Securities Inc., William Jeffrey Kennedy, Marc Judah Bistricer and Saline Investments Ltd. (2022)", "summary": "In 2022 the Ontario Securities Commission brought a case against Cormark Securities, its head of equity capital markets and a client over share transactions timed to Canopy Growth's addition to a stock index in 2017. The allegations were an illegal distribution and a failure to deal fairly with the issuer, not insider trading. In November 2024 the Tribunal found that the Commission had not proven any allegation against any respondent.", "date_published": "2022-11-09T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-mughal-asset-management-corporation-ponzi-schemes-2022/", "url": "https://marketmanipulation.org/cases/osc-mughal-asset-management-corporation-ponzi-schemes-2022/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/mughal-asset-re", "title": "OSC v. Mughal Asset Management Corporation and others (ponzi schemes, 2022)", "summary": "In June 2022 Ontario Securities Commission staff alleged that Usman Asif used Mughal Asset Management and Lendle Corporation to run a Ponzi scheme that also funded his lifestyle. The tribunal's June 2024 order imposed permanent bans, an $800,000 joint penalty, a further $350,000 on Asif and disgorgement of $661,077 plus US$245,000, and $70,000 for the Lendle fraud.", "date_published": "2022-06-16T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] }, { "id": "https://marketmanipulation.org/cases/osc-christopher-uitvlugt-ponzi-schemes-2022/", "url": "https://marketmanipulation.org/cases/osc-christopher-uitvlugt-ponzi-schemes-2022/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/uitvlugt-re", "title": "OSC v. Christopher Uitvlugt (ponzi schemes, 2022)", "summary": "In April 2022 the Ontario Securities Commission began a reciprocal proceeding against Christopher Uitvlugt, who pleaded guilty to fraud for running the Next Level Capital Ponzi scheme, and on July 19, 2022 imposed permanent market bans.", "date_published": "2022-04-27T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] }, { "id": "https://marketmanipulation.org/cases/osc-michael-paul-kraft-insider-trading-2021/", "url": "https://marketmanipulation.org/cases/osc-michael-paul-kraft-insider-trading-2021/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/kraft-michael-paul-re", "title": "OSC v. Michael Paul Kraft and Michael Brian Stein (insider trading, 2021)", "summary": "In July 2024 the Ontario Capital Markets Tribunal sanctioned former public-company chairman Michael Kraft and Michael Stein after finding in October 2023 that Kraft tipped Stein, who traded. Kraft was ordered to pay a C$200,000 penalty and Stein C$150,000 plus C$29,345 disgorgement, with trading and director bans.", "date_published": "2021-11-16T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-jiubin-feng-2021/", "url": "https://marketmanipulation.org/cases/osc-jiubin-feng-2021/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/feng-re", "title": "OSC v. Jiubin Feng and CIM International Group Inc. (2021)", "summary": "In 2021 Ontario Securities Commission staff alleged that CIM International Group and its chief executive Jiubin Feng diverted at least $3.39 million of a $10 million debenture offering to other Feng real estate projects. The tribunal's November 2023 order imposed permanent market bans, a $500,000 penalty on each respondent, $7.63 million of joint disgorgement and $206,769.34 in costs.", "date_published": "2021-07-21T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-marilyn-dianne-stuart-ponzi-schemes-2021/", "url": "https://marketmanipulation.org/cases/osc-marilyn-dianne-stuart-ponzi-schemes-2021/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/stuart-re", "title": "OSC v. Marilyn Dianne Stuart (ponzi schemes, 2021)", "summary": "In January 2021 the Ontario Securities Commission began a reciprocal proceeding against Marilyn Stuart, who pleaded guilty to fraud over $5,000 for a scheme run from 2004 to 2013, and on March 3, 2021 imposed permanent market bans.", "date_published": "2021-01-13T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] }, { "id": "https://marketmanipulation.org/cases/osc-trevor-rosborough-insider-trading-2020/", "url": "https://marketmanipulation.org/cases/osc-trevor-rosborough-insider-trading-2020/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/rosborough-re", "title": "OSC v. Trevor Rosborough and others (insider trading, 2020)", "summary": "In 2021 the Capital Markets Tribunal approved a settlement with Trevor Rosborough, a former mutual fund dealing representative who admitted illegal tipping and insider trading in WeedMD shares in November 2017. He agreed to an eight-year trading ban, a C$35,000 penalty and C$5,000 in costs.", "date_published": "2020-11-17T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-vernon-ray-fauth-ponzi-schemes-2020/", "url": "https://marketmanipulation.org/cases/osc-vernon-ray-fauth-ponzi-schemes-2020/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/fauth-re", "title": "OSC v. Vernon Ray Fauth (ponzi schemes, 2020)", "summary": "In 2020, the regulator obtained a judgment against Vernon Ray Fauth, alleging conduct this library classifies as ponzi schemes. The release does not state a monetary figure that we were able to extract.", "date_published": "2020-10-20T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] }, { "id": "https://marketmanipulation.org/cases/osc-donald-bruce-wilson-2020/", "url": "https://marketmanipulation.org/cases/osc-donald-bruce-wilson-2020/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/wilson-re", "title": "OSC v. Donald Bruce Wilson and others (2020)", "summary": "In 2020 the Ontario Securities Commission reciprocated a British Columbia Securities Commission fraud finding against three directors of two DominionGrand mortgage investment corporations, ordering permanent market and director bans on September 22, 2020.", "date_published": "2020-08-10T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-dino-paolucci-pump-and-dump-2020/", "url": "https://marketmanipulation.org/cases/osc-dino-paolucci-pump-and-dump-2020/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/paolucci-re", "title": "OSC v. Dino Paolucci (pump and dump, 2020)", "summary": "In 2020 the Ontario Securities Commission, in an expedited inter-jurisdictional proceeding, ordered permanent market bans on Dino Paolucci, a Mississauga stock promoter who had pleaded guilty in the Eastern District of Pennsylvania to four counts of securities fraud and been sentenced to 84 months in prison. The U.S. conduct, which the Statement of Allegations describes as pump-and-dump promotion of penny stocks with coordinated trading, ran from 2012 to 2013. The Tribunal order carries no monetary sanction.", "date_published": "2020-08-05T00:00:00.000Z", "tags": [ "OSC", "pump-and-dump" ] }, { "id": "https://marketmanipulation.org/cases/osc-coinsquare-ltd-wash-trading-2020/", "url": "https://marketmanipulation.org/cases/osc-coinsquare-ltd-wash-trading-2020/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/coinsquare-ltd-re", "title": "OSC v. Coinsquare Ltd. and others (exchange wash trading, 2020)", "summary": "In July 2020, the Ontario Securities Commission approved a settlement with Coinsquare Ltd. and executives Cole Diamond, Virgile Rostand and Felix Mazer over reporting wash trades that made up over 90 percent of Coinsquare's stated trading volume between 2018 and 2019, with administrative penalties of C$1.9 million.", "date_published": "2020-07-17T00:00:00.000Z", "tags": [ "OSC", "exchange-wash-trading", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-matthew-john-hamilton-undisclosed-control-blocks-2020/", "url": "https://marketmanipulation.org/cases/osc-matthew-john-hamilton-undisclosed-control-blocks-2020/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/hamilton-re", "title": "OSC v. Matthew John Hamilton (undisclosed control blocks, 2020)", "summary": "In March 2020 the Ontario Capital Markets Tribunal reciprocated a British Columbia order against Matthew Hamilton, who created shell Guru Health Inc. while hiding his involvement and giving a false impression of its ownership. It barred him from acting as a director, officer, registrant or promoter and from trading until April 3, 2026.", "date_published": "2020-01-31T00:00:00.000Z", "tags": [ "OSC", "undisclosed-control-blocks" ] }, { "id": "https://marketmanipulation.org/cases/osc-aly-babu-husein-mawji-pump-and-dump-2019/", "url": "https://marketmanipulation.org/cases/osc-aly-babu-husein-mawji-pump-and-dump-2019/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/mawji-re", "title": "OSC v. Aly Babu Husein Mawji (pump and dump, 2019)", "summary": "In 2019 the Ontario Securities Commission, in an expedited inter-jurisdictional proceeding, imposed permanent market bans on Aly Babu Husein Mawji, who had been convicted in Germany of illegal market manipulation for a 2006 share-promotion scheme and sentenced to three years and two months in prison. The Tribunal decision of December 3, 2019 imposes no monetary sanction.", "date_published": "2019-10-11T00:00:00.000Z", "tags": [ "OSC", "pump-and-dump" ] }, { "id": "https://marketmanipulation.org/cases/osc-solar-income-fund-inc-2019/", "url": "https://marketmanipulation.org/cases/osc-solar-income-fund-inc-2019/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/solar-income-fund-inc-re", "title": "OSC v. Solar Income Fund Inc. and others (2019)", "summary": "In 2019 Ontario Securities Commission staff alleged that the managers of a solar-energy income fund diverted more than $20 million of investor money to related funds and fees instead of buying solar assets. After findings in March 2022, the tribunal's January 2023 sanctions order imposed market bans, administrative penalties of $1,000 to $175,000 per respondent and disgorgement of $234,864.", "date_published": "2019-09-26T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-royal-bank-of-canada-2019/", "url": "https://marketmanipulation.org/cases/osc-royal-bank-of-canada-2019/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/royal-bank-canada-re", "title": "OSC v. Royal Bank of Canada (FX supervision and controls, 2019)", "summary": "In 2019 the Ontario Securities Commission approved a settlement with Royal Bank of Canada over weak supervision and controls in its foreign exchange business, including confidential customer information shared in multi-dealer chatrooms between 2011 and 2013. RBC made a voluntary payment of C$13,552,000 and paid C$800,000 in costs. Staff did not allege front running or any other specific market abuse.", "date_published": "2019-08-26T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-the-toronto-dominion-bank-2019/", "url": "https://marketmanipulation.org/cases/osc-the-toronto-dominion-bank-2019/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/toronto-dominion-bank-re", "title": "OSC v. The Toronto-Dominion Bank (FX supervision and controls, 2019)", "summary": "In August 2019 the Ontario Securities Commission approved a settlement with The Toronto-Dominion Bank over weak supervision and controls in its FX trading business from 2011 to 2013, with a voluntary payment of C$9,300,900. The settlement says it makes no allegation of benchmark manipulation or front running.", "date_published": "2019-08-26T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-paramount-equity-financial-corporation-2019/", "url": "https://marketmanipulation.org/cases/osc-paramount-equity-financial-corporation-2019/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/paramount-equity-financial-corporation-re", "title": "OSC v. Paramount Equity Financial Corporation and others (2019)", "summary": "In 2019 Ontario Securities Commission staff alleged that Paramount Equity Financial Corporation and its principals misled investors in mortgage investment funds that raised about $78 million, putting about $50 million into riskier development projects and paying themselves fees. The tribunal's May 2023 order imposed permanent bans, a $1.5 million penalty on Marc Ruttenberg and $43.61 million of disgorgement.", "date_published": "2019-03-29T00:00:00.000Z", "tags": [ "OSC" ] }, { "id": "https://marketmanipulation.org/cases/osc-christopher-candusso-insider-trading-2018/", "url": "https://marketmanipulation.org/cases/osc-christopher-candusso-insider-trading-2018/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/kitmitto-re", "title": "OSC v. Christopher Candusso and others (insider trading, 2018)", "summary": "In 2018 the Ontario Securities Commission brought an insider tipping and trading case over shares of Amaya Gaming Group ahead of its 2014 acquisition of the PokerStars owner. In May 2022 the Tribunal found five of the seven respondents liable and did not find the case proven against Claudio Candusso and John Fielding. In January 2023 it ordered market bans of 3 to 15 years, penalties totalling C$2.95 million and disgorgement of about C$1.44 million.", "date_published": "2018-11-23T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-keir-reynolds-insider-trading-2018/", "url": "https://marketmanipulation.org/cases/osc-keir-reynolds-insider-trading-2018/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/reynolds-re", "title": "OSC v. Keir Reynolds (insider trading, 2018)", "summary": "In 2019 the Ontario Securities Commission reciprocated a British Columbia Securities Commission settlement in which Keir Reynolds admitted insider trading, ordering a trading ban and director and officer ban running to July 3, 2021.", "date_published": "2018-10-25T00:00:00.000Z", "tags": [ "OSC", "insider-trading" ] }, { "id": "https://marketmanipulation.org/cases/osc-k2-associates-investment-management-inc-spoofing-2018/", "url": "https://marketmanipulation.org/cases/osc-k2-associates-investment-management-inc-spoofing-2018/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/k2-associates-investment-management-inc-re", "title": "OSC v. K2 & Associates Investment Management Inc. and others (spoofing, 2018)", "summary": "In 2018, the Ontario Securities Commission settled an action with K2 & Associates Investment Management Inc., Shawn Kimel and Daniel Gosselin. A settlement approved on October 19, 2018 finds the firm and its two principals spoofed options on the Montreal Exchange about 60 times, benefiting by roughly $250,000. Penalties are C$400,000 (K2), C$550,000 (Kimel) and C$20,000 (Gosselin), with market and officer bans. The release records a penalty of CAD 970,000.", "date_published": "2018-10-17T00:00:00.000Z", "tags": [ "OSC", "spoofing" ] }, { "id": "https://marketmanipulation.org/cases/osc-daniel-p-reeve-ponzi-schemes-2018/", "url": "https://marketmanipulation.org/cases/osc-daniel-p-reeve-ponzi-schemes-2018/", "external_url": "https://www.capitalmarketstribunal.ca/en/proceedings/reeve-re", "title": "OSC v. Daniel P. Reeve (ponzi schemes, 2018)", "summary": "In September 2018 the Ontario Securities Commission began a reciprocal proceeding against Daniel Reeve, found guilty after trial of defrauding at least 41 victims of about $10 million through several Ponzi schemes, and on November 26, 2018 imposed permanent market bans.", "date_published": "2018-09-26T00:00:00.000Z", "tags": [ "OSC", "ponzi-schemes" ] } ] }