Recidivist Wesley Weber pleads guilty to violating the Securities Act
For Immediate Release Before the Court OSC
TORONTO – The Ontario Securities Commission (OSC) announced today that, on January 21, 2019, Wesley Weber of Toronto, Ontario, pled guilty to trading in securities while prohibited by Order of the OSC dated October 26, 2011. Weber entered his plea before Justice McLeod of the Ontario Court of Justice at Old City Hall, 60 Queen St. W., Toronto, Ontario.
Weber breached the OSC Order through his significant involvement in a company called Incryptex Ltd., a start-up attempting to act as a currency exchange between digital and conventional currencies.
Using the alias “Wesley Kam,” Weber accepted funds for investment in Incryptex and took steps to have the company listed on a public exchange by arranging for shares in Incryptex to be issued. Weber also oversaw the creation of presentations to solicit investments by Ontario investors in Incryptex.
Weber’s activities with Incryptex were in clear violation of the 2011 Order, which remains in place.
In 2011, the OSC banned Weber from trading in securities, directly or indirectly (subject to certain exemptions) for 15 years, as a result of his violations of Ontario securities law associated with Goldbridge Financial Inc. Weber remains subject to this ban.
The investigation and plea in this matter was conducted by staff from the Joint Serious Offences Team (JSOT). Weber will next appear at Old City Hall on March 25, 2019 to set a date for sentencing in front of Justice McLeod.
To date, JSOT has pursued 43 matters involving 61 accused.
JSOT was established by the OSC as an enforcement partnership between the OSC, the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Securities Act or the Criminal Code.
The OSC's partnership with law enforcement allows for criminal charges to be laid by JSOT members, which include police officers seconded to the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, 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.gov.on.ca.
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