The Ontario Securities Commission will be pursuing more criminal prosecutions and increased jail time for offenders of securities laws with its new criminal investigation unit, details of which were disclosed in its annual report on Wednesday.
“We aim to bring more cases before the Courts, seeking jail sentences, which are expected to have a greater deterrent effect,” Tom Atkinson, OSC director of enforcement, told WP. "We've established momentum on the criminal side and are focusing our efforts with a team of professionals dedicated to the investigation and prosecution of quasi-criminal matters and violations of the Criminal Code.”
In its 2013 annual report, the OSC provided further details on its new Joint Serious Offences Team (JSOT). The team includes former police officers and former Crown attorneys and is dedicated to the detection of fraud and prosecution in quasi-criminal proceedings and under the Criminal Code.
The JSOT works closely with police agencies and the provincial Attorney General, it said. OSC staff have been designated as “Special Constables” allowing them to work with police to investigate criminal activity related to securities.
The JSOT is a collaborative, inter-agency effort to investigate and prosecute securities fraud and seek jail terms where warranted. Enforcement staff will pursue individuals and companies alleged to have perpetrated fraud and other misconduct.