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Screenshot of a breaking news alert e-mail from Q2 2017
The Ontario Securities Commission (OSC) has announced that Sydney Klein, of Thornhill, Ontario, was sentenced to two years of probation with conditions at the Ontario Court of Justice in Newmarket, Ontario.
Klein’s conditions require him to cease trading in securities, to refrain from acting in, and to resign, from any officer or director positions in any corporation registered in Ontario or Canada, and to refrain from calling any place in or outside of Canada for the purpose of trading in any security.
Following an investigation by the OSC’s Joint Serious Offences Team (JSOT), Klein pleaded guilty to one count of defrauding the public, contrary to Section 380(1)(b) of the Criminal Code.
In November 2015, Klein was charged after an investigation revealed that he was operating a boiler room scheme that used dormant shareholder lists to make fraudulent solicitations to investors by telephone.
JSOT was established by the OSC as an enforcement partnership between the OSC, the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Securities Act or the Criminal Code.