CSA Securities

Montréal – The Canadian Securities Administrators (CSA) today released its 2009 Enforcement Report This link will open in a new window. It highlights how Canadian securities regulators are actively working to protect investors and the marketplace. In addition to exposing numerous Ponzi schemes, Canadian securities regulators dealt with boiler rooms, illegal insider trading, market manipulation, disclosure violations and other fraudulent activities.

“Securities law offences are not victimless. They cause financial and emotional harm to people and seed doubt about the security and fairness of our financial systems,” said Jean St-Gelais, CSA Chair and President and CEO of the Autorité des marchés financiers. “Canadian securities regulators collaborate and use all available enforcement tools to disrupt misconduct before investors are harmed and penalize those who break our laws.”

The 2009 Enforcement Report highlights enforcement activities across the CSA and provides statistical data and case summaries that illustrate the responsive, collaborative and effective enforcement work conducted by CSA members. The report seeks to improve public understanding of how CSA enforcement efforts fit into the broader enforcement mosaic in Canada.

Results of the 2009 Enforcement Report

  • 124 matters commenced against a total of 154 individuals and 112 companies
  • 141 cases concluded involving a total of 160 individuals and 103 companies that resulted in:
    • Fines and administrative penalties of more than $153 million
    • Costs awards totalling almost $6 million
    • Approximately $92 million in restitution, compensation and disgorgement ordered or agreed to in a settlement
  • 35 of the concluded cases were court proceedings, which resulted in the courts ordering jail terms for four individuals ranging from 30 days to 30 months
  • Of the remaining concluded cases, 69 were concluded by way of settlement agreements and 37 were contested hearings before commission tribunals
  • 51 interim orders restricting trading against 127 individuals and 106 companies to protect investors while staff investigated allegations of capital market misconduct
  • 77 reciprocal orders prohibiting individuals and companies who had been sanctioned in one jurisdiction from operating in another province or territory

The Report is available on the CSA website at www.securities-administrators.ca, as well as the websites of various CSA members.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge


Alberta Securities Commission

Mark Dickey


British Columbia Securities Commission

Andy Poon


Financial Services Regulation Div. Newfoundland and Labrador

Doug Connolly


Manitoba Securities Commission

Ainsley Cunningham


New Brunswick Securities Commission

Wendy Connors-Beckett


Northwest Territories Securities Office

Donn MacDougall


Nova Scotia Securities Commission

Natalie MacLellan


Nunavut Securities Office

Louis Arki


Ontario Securities Commission

Robert Merrick


PEI Securities Office, Office of the Attorney General

Janice Callbeck


Saskatchewan Financial Services Commission

Barbara Shourounis


Yukon Securities Registry

Fred Pretorius