The Ontario Securities Commission (OSC) today announces enforcement action against numerous individuals for alleged failures to comply with director and officer bans issued by the Capital Markets Tribunal. These actions are part of the OSC Enforcement division's ongoing review of non-compliance.
The review is focused on identifying potential instances of individuals violating multi-year and permanent bans that prohibited them from serving as a director or officer of any issuer. The OSC has filed Applications for Enforcement Proceedings (Applications) against the following individuals:
- Mr. Mitchell Carnie
- Mr. Radhakrishna Namburi
- Mr. Andre Itwaru
- Mr. Nayeem Alli
- Mr. Maurice Aziz
- Mr. Benjamin Ward
Each Application includes specific information on the allegations and orders sought. If the OSC’s allegations are proven, individuals would face penalties and costs, to be determined by the Tribunal, based on the specific circumstances of each case.
“Compliance with Tribunal orders is not optional. Any individual failing to comply will be met with a decisive response from the OSC,” said Bonnie Lysyk, Executive Vice President, Enforcement, at the OSC. “We will not hesitate to take further action against individuals who undermine orders that protect investors and the integrity of our capital markets.”
The OSC is proactively monitoring compliance with director and officer bans and will commence additional enforcement proceedings to address non-compliance where appropriate.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.
