The Ontario Securities Commission (OSC) announces that Mr. Michael Aonso of Mississauga, Ontario has been convicted for unregistered trading and illegal distribution of the securities of Strike Holdings Inc. Mr. Aonso was sentenced by the Ontario Court of Justice to 90 days in jail.
Mr. Aonso was a director and officer of Strike Holdings and a related company, KM Strike Management (KMSM). He entered a guilty plea in the Ontario Court of Justice on November 11, 2024.
Mr. Aonso was co-accused with Kevin Carmichael, the other director and officer of Strike Holdings and KMSM. Carmichael pleaded guilty on January 8, 2025, to securities fraud and making misleading statements to investors. He was sentenced to four years in jail and ordered to pay $22.7 million in restitution.
“This case highlights the OSC’s unwavering commitment to protecting investors and upholding the integrity of our markets,” said Bonnie Lysyk, Executive Vice President, Enforcement, at the OSC. “Between the actions of Mr. Aonso and Mr. Carmichael, they prioritized their own interests over those of Ontario’s investors. These breaches of the registration and prospectus requirements helped facilitate fraud that robbed innocent investors of millions in savings.”
These charges arise from an investigation by the OSC’s Criminal Investigations & Prosecutions team, which is part of the Enforcement Division of the OSC. They investigate securities-related frauds, market manipulation, and related misconduct, including the investigation of repeat offenders and those who breach Capital Markets Tribunal or court orders and bans. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
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 http://www.osc.ca.
