On May 5, 2014, Ontario’s Divisional Court dismissed the appeal of Otto Spork, Konstantinos Ekonomidis, and Natalie Spork from the decision of the Ontario Securities Commission (“OSC”) that they had breached Ontario’s securities law and engaged in conduct contrary to the public interest. Otto Spork, Konstantinos Ekonomidis, and Natalie Spork were  ordered to disgorge $6.75 million, $325,000 and $165,000, respectively, out of a total $23 million that had been obtained from investors.  Virtually all of the $23 million was lost.
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On September 2, 2014, the Ontario Securities Commission commenced its high-profile hearing in the case of the Sino-Forest Corporation (“SFC“). SFC is alleged to have engaged in widespread fraud relating to its public financial disclosure. The specific allegations involve the fabrication or overestimation of revenue and assets, falsified evidence of ownership, backdated contracts, and undisclosed control over particular customers and suppliers.
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Source: gizmodo.com

The Ontario Securities Commission (OSC) has begun discussions with legislators and law enforcement agencies in an effort to expand its powers to include wiretapping rights with respect to parties under investigation.

As the country’s largest and most influential securities regulator, the OSC’s policies and decisions impact the majority of brokerages, mutual funds, and pension funds in the country.  In recent years the OSC has placed emphasis on the need for more comprehensive anti-fraud and law enforcement strategies.
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