Husband and Wife Convicted of Securities Act Offences
For Immediate Release OSC Enforcement Before the Court
TORONTO – The Ontario Securities Commission (OSC) today announced that Marc and Helene Brunet of the Ottawa area have been convicted of quasi-criminal charges under the Securities Act (Ontario). The Brunets were convicted on June 16, 2021 by Justice J. Loignon in the Ontario Court of Justice in Ottawa.
Mr. Brunet was convicted of the following offences under the Securities Act: one count of fraud contrary to section 126.1(1)(b), one count of trading of securities without registration contrary to section 25(1), and one count of trading in securities without a prospectus contrary to section 53(1).
Ms. Brunet was convicted on one count of trading in securities without a prospectus contrary to section 53(1) of the Securities Act.
The allegations relate to the sale of over $800,000 worth of securities in MultiCast Networks Holdings Inc. to Ontario investors between January 1, 2010 and December 31, 2016. The court found that a significant percentage of the money raised was used for personal benefit.
The Brunets will next appear in the Ontario Court of Justice in Ottawa on June 25th at 9:30 am, at which time the court will set a date for a sentencing hearing.
This investigation, and prosecution, was conducted by staff within OSC Enforcement that investigate quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists. The primary objective of this team is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement.
Quasi-criminal charges are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
To date, OSC Enforcement has pursued 49 quasi-criminal and criminal matters involving 70 accused.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.