Abel Da Silva Sentenced to 75 Days in Jail for Breaching Ontario Securities Commission Cease Trade Order

TORONTO – On September 1, 2010, Abel Da Silva was sentenced in the Ontario Court of Justice to 75 days in jail and two years of probation for violating the terms of an Ontario Securities Commission (OSC) cease trade order made against him in 2006. The cease trade order remains in effect.

In October 2008, staff of the OSC charged Mr. Da Silva with one count of violating section 122(1)(c) of the Securities Act (Ontario). Mr. Da Silva entered a guilty plea to the offence in June 2010 and the sentencing was adjourned to September 1, 2010.

Cease trade orders prohibit individuals or companies from trading in securities. They can help protect investors by stopping alleged illegal activity. The OSC takes the violation of cease trade orders seriously and will continue to pursue offenders through the court system.

In a separate matter, on June 11, 2010, a panel of the OSC found that Mr. Da Silva committed numerous violations of Ontario securities law in relation to his role in the sale of securities of a company known as Al-tar Energy Corp. A sanctions hearing with respect to Mr. Da Silva’s violations of Ontario securities law in the Al-tar Energy Corp. matter is scheduled to take place at the OSC on September 13, 2010 at 10 a.m.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC investor materials available at www.osc.gov.on.ca.

 

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