Ontario man sentenced to 6 months in jail for securities offences

An Ontario man has been sentenced to six months in jail and ordered to pay $624,500 in restitution to investors for Securities Act offences.

Daniel Emerson Tiffin was found guilty of trading in securities without registration and without a prospectus, and for trading while prohibited by the OSC. He was sentenced Friday in the Ontario Superior Court of Justice in Newmarket, Ont.

Tiffin was also ordered to pay restitution to seven investors who purchased promissory notes issued by his company, Tiffin Financial Corporation, an OSC release said.

Ontario Superior Court Justice Charney overturned a 2016 acquittal from the Ontario Court of Justice in May. He wrote in his sentencing that it’s important that “persons who violate the Securities Act understand that serious penalties will be imposed on individuals who abuse their position of trust and violate the law.”

When Tiffin and his corporation issued the promissory notes, he was subject to an OSC cease-trade order from a previous matter, the release said.

The OSC’s Joint Serious Offences Team investigated the case.

Staff

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