OSC charges duo banned from trading securities

OSC charges duo banned from trading securities

OSC charges duo banned from trading securities

The Ontario Securities Commission (OSC) is taking a zero-tolerance approach on unauthorized trading, charging two Ontario residents allegedly in breach of the securities act.

Following an investigation by the OSC's Joint Serious Offences Team (JSOT), Naida Allarde-Giangrosso and Bernardo Giangrosso of Vaughan have been charged with one count of trading without registration and one count of trading in securities.

The pair, who allegedly promoted the sale of syndicated mortgages to investors through the company Starboard View Homes without being registered with the OSC, were prohibited from trading by the commission in January.

“Our Joint Serious Offences Team is sending a strong message that the OSC has elevated its efforts to prosecute allegations of quasi-criminal behaviour, including violations of cease trade orders,” said Tom Atkinson, director of enforcement at the OSC, in a release.

Allarde-Giangrosso and Giangrosso are scheduled to appear in a Toronto court on Jan. 15, 2014.

 

2 Comments
  • Bob white 2013-12-09 9:24:23 PM
    A prime example of need for a tough principle based orginization of professional advisors.

    In the old days of LUAC ( now advocis) an advisor would have reported these people a long time earlier as some one would have farretted them out via a client and they would be gone.

    A point that banning commission based fees will not cure bad people from opperating this way. The solution is a simgle praticing proffessional body that any person dealing in financail products has to belong to, and then the regulator advertises that if the person sell some thing to you or marketing services must have the credentials on the business card they offer and must be in a national data base. so simple, client can look them up on the net, and if they are not htere, do not do business with them, report them to the authorities.

    Yep, rules wwill always be a work around. these two worked around, and how many did they sell to before caught, and who was harmed, and how much did they make,?

    Just my thoughts.

    Cheers

    bob
    Post a reply
  • Bob white 2013-12-09 9:24:24 PM
    A prime example of need for a tough principle based orginization of professional advisors.

    In the old days of LUAC ( now advocis) an advisor would have reported these people a long time earlier as some one would have farretted them out via a client and they would be gone.

    A point that banning commission based fees will not cure bad people from opperating this way. The solution is a simgle praticing proffessional body that any person dealing in financail products has to belong to, and then the regulator advertises that if the person sell some thing to you or marketing services must have the credentials on the business card they offer and must be in a national data base. so simple, client can look them up on the net, and if they are not htere, do not do business with them, report them to the authorities.

    Yep, rules wwill always be a work around. these two worked around, and how many did they sell to before caught, and who was harmed, and how much did they make,?

    Just my thoughts.

    Cheers

    bob
    Post a reply