Two individuals who have been punished by the OSC are now being punished by the Ontario Court of Justice, a recent news release indicates.
Polina Edry and Subramaniam Sulur, two former dealers in Ontario, each pleaded guilty to one count of participating in an improper referral arrangement with another person or company. The act was in violation of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and contrary to s. 122(1) of the Securities Act (Ontario).
Edry acknowledged in court that between Jan. 1, 2012 and May 1, 2014, she purchased names from Shaida Bandali (a former employee of the Rouge Valley Health System), whom she knew worked in a medical facility. The names were those of new parents of children that came from that medical facility. Edry also admitted being willfully blind to the fact that not all of the patients had agreed to have their personal information shared.
Edry admitted to paying Bandali $10,513.25, or approximately $2.50-$2.75 per name. She purchased the names from Bandali to use as sources of potential Registered Education Savings Plans (RESP) investment sales leads.
The terms of the probation sentences issued to Edry and Sulur include mandatory community service of up to 300 hours, fines of up to $36,000, and victim fine surcharges. They are also prohibited from engaging in any securities-related business until the completion of their respective community service hours, and only in accordance with any terms and conditions imposed by the OSC.
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