Spouse of investment firm boss reaches $575,000 settlement with OSC
Sep 4, 2013 / 5:25 pm
TORONTO - The Ontario Securities Commission says the common-law spouse of an investment firm manager convicted of fraud will be barred from trading securities for seven years and will pay $575,000 in restitution, fees and costs following a tentative settlement.
Julie Winget, the common-law spouse of Arvind Sanmugam and lead director of investment firm Bunting & Waddington, is also barred from being a director of any investment fund manager for seven years.
The firm is permanently prohibited from trading or acquiring any securities, according to terms of the settlement announced Wednesday, which is still subject to a public hearing.
The OSC said the firm and Winget contravened Ontario securities law by trading without being registered.
Sanmugam was sentenced to five years in prison last November and ordered to pay $1 million in restitution after pleading guilty to three counts of fraud. He was described by the settlement as the "directing mind" and de facto director of the Toronto-area firm.
Investors were promised eight per cent monthly returns on $100,000 investments in exchange for a $3,500 monthly retainer.
The securities regulator said Sanmugam misrepresented himself as a successful trader, when in fact, he had lost more than $3.6 million of investors' funds between February 2006 and June 2010 alone.
Winget, who incorporated the company in 2001, transferred more than $500,000 into her personal bank account from Bunting & Waddington. In addition to repayment of the amount, she was ordered to pay a $50,000 administrative penalty and $25,000 in investigation costs to the securities commission.
Her prohibition period will also be extended beyond seven years if all monies owed are not paid in full.
Read more Business News
|QHR Technologies Inc||1.20||-0.08|
|Anavex Life Sciences||0.37||-0.01|
|Copper Mountain Mining||1.56||+0.02|
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
Recently I recorded a video series for my keynote speaking business. It was called from Faith to Future. In one of the episodes, I talked about the concept of using hard work to get out of a difficul...
- Housing starts fall in November: CMHC
- Markets advance, strong U.S. jobs data competes with Fed tapering concerns
- Canadian dollar closes lower amid strong Canadian, U.S. jobs reports
- Google, Facebook, other major tech companies call for tighter controls on government snooping
- Canadian big banks post record profits in 2013, but outlook raises concern
- Ontario company to be sentenced in deadly Toronto propane plant blast
- Singer Bocelli visits MIT for workshop on adaptive technology for the visually impaired
- Cosmopolitan Las Vegas opens new glass factory-themed concert and meeting space
- US unemployment rate falls to 5-year low of 7 per cent as employers add 203,000 jobs
- Cold weather forces delays, cancellations for air travellers but expected to ease soon
- Stocks jump, breaking a five-day losing streak, after US reports more hiring gains last month
- NBC's 'Sound of Music' live telecast was Thursday's favourite thing with 18.5 million viewers