OSC orders permanent ban for convicted fraudster

The egregious conduct of repeat securities law violator Michelle Dunk justifies a permanent ban, an Ontario Securities Commission (OSC) panel has ruled.

The commission announced the panel’s decision on Friday.

Read: Waterloo woman sentenced to jail for securities fraud

In April 2018, the Ontario Court of Justice convicted Dunk of fraud, unregistered trading, illegal distribution and violating an OSC cease trade order. In October 2018, she was sentenced to two years in prison and ordered to pay restitution to her victims.

The OSC had imposed a cease trade order on Dunk in 2011 for her role in an energy investment scheme. She settled with the commission in 2015, agreeing with an eight-year ban.

In handing down the permanent ban, the OSC panel stated: “Dunk’s misconduct was extremely serious. She solicited substantial funds from trusting investors of modest means through multiple fraudulent misrepresentations. The trial judge found that her actions were motivated solely by personal financial gain, without regard for the financial devastation she caused.”

The panel’s order against Dunk complements the order made by the court. “It is proportionate to Ms. Dunk’s misconduct and appropriate in the circumstances,” the OSC panel stated.

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