Tuesday, September 30th6.3°C
22738
22916

Ont. woman hit with $10,000 penalty, 15-year professional bans for role in fraud

TORONTO - An Ontario woman who operated two companies linked to an international penny stock fraud has been ordered to pay $10,000 and banned for 15 years from being an investment fund manager or promoter.

Andrea McCarthy, who acted as a director and officer for BFM Industries Inc. and Liquid Gold International Inc. when they were used to bilk dozens of foreign investors out of about $445,000 in 2009 and 2010, will also be barred from being an officer or director for any company for 15 years.

She also won't be allowed to buy or trade any securities for the same period, except for her own RRSPs or RESPs for her daughter, under a decision announced Tuesday by the Ontario Securities Commission.

However, OSC commissioner James Carnwath turned down a staff request for stiffer penalties, citing a lack of evidence to support the amount sought as well as McCarthy's co-operation with authorities and her current limited financial means.

OSC staff had sought a $50,000 administrative penalty plus an order for McCarthy to be responsible for paying about $102,225 collected from investors by the two companies and her boyfriend, Sandy Winick, the alleged mastermind.

Winick and his business partner, Gregory Curry, have been also accused by the U.S. Attorney's office of being leaders in fraud schemes involving US$140 million. The alleged pump-and-dump scheme — which was separate from the Ontario scams —allegedly had tens of thousands of victims in dozens of countries including Canada.

The two men were arrested last August in Bangkok by Thai officials working with the U.S. Federal Bureau of Investigation and currently face charges in the United States.

The Canadian Press


Read more Business News

21337


Recent Trending




Today's Market
S&P TSX14960.51-16.41
S&P CDNX909.29-3.47
DJIA17042.90-28.32
Nasdaq4493.39-12.462
S&P 5001972.29-5.51
CDN Dollar0.8924-0.0006
Gold1206.70-4.90
Oil90.16+0.40
Lumber333.20+0.30
Natural Gas4.126+0.005

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.26+0.03
Cantex0.065-0.025
Anavex Life Sciences0.184-0.001
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.42-0.10
Colorado Resources0.165+0.015
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 





FEATURED Property
1876300734 Kuipers Crescent, Kelowna, BC
5 bedrooms 6 baths
$1,650,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


22496