Ontario Securities Commission wants $20 million from Wayne Pushka, but judging by its track record it is unlikely to be successful. A Star investigation shows that roughly $360 million in penalties levied over the past 10 years — including Pushka’s fine — remains uncollected.
$360 million in penalties levied over the past 10 years
Most of that represents fines against individuals and small firms also handed trading bans. The OSC was able to collect fines against big banks and investment firms (about $150 million in the same time period), but that is because they want to continue operating in Ontario. OSC has asked for a hearing in Nassau and is attempting to retrieve $20 million from Pushka. The OSC would not say if any court proceedings have been started in France or Liechtenstein.
Read more at The Toronto Star.
