David Phillips, the founder of defunct real estate investment firm First Leaside Group, and his former senior salesman John Wilson have been ordered to disgorge $16.6 million after the Ontario Securities Commission found they committed securities fraud. They were also ordered to pay financial penalties of $700,000 and $400,000 respectively. “These amounts are proportionate to their misconduct and, together with the amounts that they are to disgorge, will deter them and other like-minded persons from engaging in similar conduct in the future,” commissioner Edward Kerwin wrote in a 20-page decision that also banned Phillips and Wilson from trading until the payments are made.
By: Barbara Shecter
Read the full article at The Financial Post.
