Peter Siklos was sentenced Tuesday to 60 days in jail and two years of probation after pleading guilty to one count of fraud contrary to section 126.1 of the Securities Act (Ontario) before the Honourable Justice Malcolm McLeod of the Ontario Court of Justice.

This follows an investigation and prosecution by the OSC’s Joint Serious Offences Team (JSOT).

Read: OSC releases risk questionnaire

OSC says Siklos admitted to participating in a fraudulent advance-fee scheme operated through Crown Capital Management Corporation. It adds the scheme targeted investors in Canada, including Ontario, and the United States.

The Commission found Siklos adopted an alias and used false identification to establish and administer a virtual office and bank accounts for Crown Capital, and to disburse the funds fraudulently obtained from shareholders as part of the scheme.

On March 14, 2013, Michael Chomica was sentenced to two years in jail following a guilty plea to fraud contrary to the Securities Act. In his plea, OSC says, Chomica admitted to being the architect of the Crown Capital scheme.

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Originally published on Advisor.ca

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