OSC: Three Individuals Charged with $140,000 Securities Fraud

The Ontario Securities Commission (OSC) revealed on Tuesday that, following an investigation by the Joint Serious Offences Team (JSOT), an enforcement partnership, Carlos Da Silva, Sei-Jin Ki, and Kamal Singh “Bobby” Athwal have been charged with fraud under the Securities Act (Ontario).

Residents of Ontario, Canada, the three charged individuals were found trading in securities without the proper registration. They also did not have a prospectus, the investigation found. According to the statement, Da Silva, Ki, and Athwal are alleged business associates.

Between May 1, 2016, and June 30, 2017, the three individuals sold around $140,000 worth of securities in Toronto Scientific Medtech Inc. to Ontario-based investors.

In addition to the above charges, Da Silva has also been charged with trading securities while he was permanently prohibited by order of the OSC. Back on December 10, 2008, the OSC imposed an order against Da Silva which prohibited him from engaging in the business of trading or selling securities, which he subsequently broke.

Da Silva, Ki, and Athwal are all scheduled to appear in court on December 4, 2018, at 11:00 a.m. They will be in Courtroom 111 at the Ontario Court of Justice which can be found at 60 Queen Street West, Toronto, Ontario.

The OSC urges investors and residents of Ontario who were solicited to invest in Toronto Scientific Medtech Inc. to contact the regulator by phone or email.

JSOT Aims to Increase Confidence in Canada’s Capital Markets

The JSOT was set up by the OSC as part of an enforcement collaboration between the securities regulator; the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch.

To date, the JSOT has pursued 43 matters involving 61 accused individuals. The main focus for the team is to protect investors from fraud and scams and increase confidence in Canda’s capital markets.