Canadian Securities Regulators Release Report on Enforcement Activities for 2008

Vancouver — The Canadian Securities
Administrators (CSA) today issued its annual report on enforcement
activities.  During calendar year 2008, CSA members commenced
215 matters against 416 individuals and companies, and concluded
123 cases involving 322 individuals and companies that resulted
in monetary sanctions and orders towards costs totalling approximately
$14 million. 

“CSA members work to deliver responsive, collaborative
and effective enforcement that provides protection to investors
and builds confidence in the fairness of the capital markets,”
said Jean St-Gelais, CSA Chair and President and CEO of the Autorité
des marchés financiers.” This report represents the
significant efforts of enforcement staff, as well as commission
panels, over the last year in litigating and adjudicating breaches
of securities laws across Canada.”

CSA members and the courts also:

  • issued 92 interim orders restricting trading by
    168 individuals and 112 companies to provide protection to investors
    while investigations were ongoing;
  • issued 90 reciprocal
    orders, prohibiting companies and individuals who had been sanctioned
    in one jurisdiction from operating in another province or territory;
  • ordered
    respondents to disgorge almost $15.8 million as a result of failure to
    comply with,  or contravention of, securities laws;
  • concluded 28 court proceedings;
  • concluded 40 cases by way of settlement agreements;
  • concluded 55 contested hearings before commission tribunals; and
  • ordered jail terms for six individuals ranging from six months to eight and a half years.

The 2008 Enforcement Report (Acrobat820KB PDF).
highlights enforcement activities across the CSA and provides
statistical data and case summaries that illustrate the enforcement
work conducted by CSA members. The Report is available on the CSA
website at, as well as the websites of various CSA

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

For more information:

Andy Poon
British Columbia Securities Commission
Ainsley Cunningham
Manitoba Securities Commission
Cathy Beauséjour
Autorité des marchés financiers
514-395-0337 ext. 2347
Wendy Connors-Beckett
New Brunswick Securities Commission
506 643-7745
Carolyn Shaw-Rimmington
Ontario Securities Commission
Natalie MacLellan
Nova Scotia Securities Commission
Mark Dickey
Alberta Securities Commission
Barbara Shourounis
Saskatchewan Financial Services Commission
Marc Gallant
Office of the Attorney General
Prince Edward Island
Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador
Fred Pretorius
Yukon Securities Registry
Louis Arki
Nunavut Securities Office
Donn MacDougall
Northwest Territories
Securities Office