Rep sentenced to jail over fraud charges

By Staff | March 15, 2013 | Last updated on March 15, 2013
1 min read

Michael Chomica was sentenced to two years in jail yesterday after pleading guilty to three counts of fraud.

The OSC says Chomica admitted to running two fraudulent advance-fee schemes that targeted investors in Ontario, Europe, the UK, Africa and Asia.

It adds he also arranged for bank accounts he controlled to be used in a third fraudulent advance-fee scheme that primarily targeted investors residing in the UK. In total, investors lost $591,470 in combined U.S. and Canadian funds.

The OSC states Chomica’s involvement in the schemes began around October 2009 and ran until November 2010. It then executed a search warrant at Chomica’s residence in downtown Toronto.

Chomica is also prohibited from trading in securities due to a cease order, which was first made by the OSC on November 4, 2010 in relation to this matter. The cease trade order and other documents related to this matter are available on the OSC website.

Under section 122 of the Act, the OSC has the authority to lay quasi-criminal charges against individuals or companies in the Ontario Court of Justice for alleged violations of the Act.

Advisor.ca staff

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.