Fines, admin penalties from CSA top $138M in 2015

The CSA has released its 2015 Enforcement Report.

“In 2015, CSA members’ enforcement actions resulted in more than $138 million ordered in fines and administrative penalties, more than $111 million ordered in restitution, compensation and disgorgement and a total of ten years in jail sentences imposed on securities law offenders,” said Louis Morisset, chair of the CSA and president and CEO of the Autorité des marchés financiers.

Read: IIROC wants court authority to collect fines

Highlights:

• 145 cases concluded against 233 individuals and 117 companies, resulting in:
  • fines and administrative penalties of more than $138 million;
  • more than $111 million in restitution, compensation and disgorgement; and
  • jail sentences of approximately 10 years handed down to 15 individuals for securities law infractions.
• 108 cases commenced against a total of 165 individuals and 101 companies.
• 35 freeze orders issued against a total of 84 individuals and companies. This prevented the loss of more than $13.5 million in assets while CSA members completed investigations.
• Four concluded Criminal Code cases resulting from partnerships between securities regulators and law enforcement agencies.
• Illegal distributions continue to be the most common category of wrongdoing, representing 50% of concluded cases and 46% of the proceedings commenced, followed by fraud representing 19% of concluded cases and 24% of the proceedings commenced.

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