The Ontario Securities Commission (OSC) announced today that Marc and Helene Brunet of Chesterville, Ontario, have been charged with fraud and related offences under the Securities Act (Ontario) following a lengthy investigation by the OSC’s Joint Serious Offences Team (JSOT).
Mr. Brunet and Mrs. Brunet have both been charged with the following offences under the Securities Act: one count each of trading in securities without registration as required by section 25(1), and one count each of trading in securities without a prospectus as required by section 53(1). Mr. Brunet has also been charged with one count of fraud, contrary to section 126.1(1)(b) of the Securities Act.
These allegations relate to the sale of over $800,000 worth of securities in a company called MultiCast Networks Holdings Inc. (MCN) to Ontario investors between January 1, 2010 and December 31, 2016.
The OSC further alleges that a significant percentage of the money obtained was used by the Brunets for their personal benefit. The Brunets are scheduled to appear in court on this matter on March 12, 2018 at 8:30 a.m. in Courtroom #5 at the Ontario Court of Justice, 161 Elgin St., Ottawa, Ontario.
Prior to residing in Chesterville, the Brunets resided in Kenmore, Ontario. Any investors who were solicited by the Brunets or invested in MCN or any related companies should contact the OSC’s Contact Centre at 1-877-785-1555 (Toll Free) or firstname.lastname@example.org.
To date, JSOT has pursued 40 matters involving 55 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 mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. 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
Read the original story over at the Ontario Securities Commission.
This story was summarized by Canadian Fraud News Inc.