Ontario Securities Commission enforcement leads to tripling of jail time

April 7, 2014 Leave a comment

Ontario Securities Commission enforcement leads to tripling of jail time

Barbara Shecter | March 21, 2014 | Last Updated: Mar 21 5:52 PM ET
When it came to enforcing the rules, Canada’s largest capital markets watchdog was busier last year and put more people in jail for longer.

Action taken by the Ontario Securities Commission resulted in four defendants receiving jail sentences totaling 63 months. In 2012, two defendants were sentenced to a total of 21 months in jail.

The regulator also imposed nearly twice as many cease-trade orders last year – 159 — and wrapped up more cases. Proceedings were concluded against 170 individuals and companies, up from 100 in 2012.

Many of those cases, 95, ended with settlement hearings, a number that rose from 36 in 2012. Seventy-one cases went to contested hearings, up from 60 the year before.

The OSC handed down 67 director and officer bans, up from 49, and 81 registration restrictions, up from 58 in 2012.

The results were included in a roundup of the regulator’s enforcement efforts released Friday.

Howard Wetston, chair of the OSC, said in a statement that the commission is “dedicated to delivering a vigorous and active enforcement program” to instill “confidence and integrity” in the province’s capital markets.

 

Filed under Macro Trends

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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