Securities

Calgary - The Canadian Securities Administrators (CSA) today released its sixth annual Enforcement Report that reveals the significant time and effort that Canadian securities regulators are investing in the development and implementation of on-line monitoring, cyber-surveillance technologies and various tools to support forensic investigations as a means to protect investors from fraudulent investments.

"Canadian securities regulators are responding to on-line violations that continue to grow in sophistication, number and complexity with the development of new cyber tools to efficiently identify and halt illegal activities," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "As on-line schemes frequently transcend geographic boundaries, CSA members collaborate and share information whenever possible with each other, international securities regulators as well as law enforcement agencies to protect investors and to foster markets that are fair, efficient and transparent."

The CSA's 2013 Enforcement Report brings into focus the overall enforcement work done by CSA members against those who breach Canada's securities laws. CSA members concluded a total of 133 cases against 216 individuals and 166 companies.

Key highlights of the 2013 Enforcement Report:

  • Cases concluded against 156 respondents by contested hearings, 150 respondents by settlement agreement and 76 respondents by court decision.
  • Cases concluded resulting in:
    o Fines and administrative penalties of $35.4 million;
    o Almost $55 million in restitution, compensation and disgorgement; and
    o Jail sentences handed down to eight individuals.
  • 112 cases commenced against a total of 160 individuals and 110 companies.
  • 35 interim and asset freeze orders issued against a total of 76 individuals and companies.

The report has been launched in advance of March's Fraud Prevention Month, which highlights the tools and resources available to Canadians to recognize and avoid investment fraud, and how to turn to securities regulators for help. To learn more about investor protection or investor education follow the CSA on Twitter (@CSA_News).

The 2013 Enforcement Report This link will open in a new window is now accessible from the CSA website www.securities-administrators.ca This link will open in a new window and from the websites of various CSA members.

The CSA, the council of 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:

Lorinda Brinton
Alberta Securities Commission
403-297-2665

Sylvain Théberge
 Autorité des marchés financiers
514-940-2176

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Kevan Hannah
Manitoba Securities Commission
204-945-1513

Wendy Connors-Beckett
Financial and Consumer Services Commission
New Brunswick
506-643-7745

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
P.E.I. Securities Office
Office of the Attorney General
902-368-6288

Don Boyles
Financial Services Regulation Div.
of Newfoundland and Labrador
709-729-4501

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466

Louis Arki
Nunavut Securities Office
867-975-6587

Donn MacDougall
Northwest Territories Securities Office
867-920-8984

Daniela Machuca
Financial and Consumer Affairs Authority of Saskatchewan
306-798-4160