OSC Panel Issues Sanctions Against Abel Da Silva for Breaches of the Securities Act

TORONTO – A panel of the Ontario Securities Commission (OSC) today released its Reasons and Decision on Sanctions and Costs against Abel Da Silva (“Da Silva”). In a June 22, 2011 decision on the merits, the Commission found that Da Silva misled staff of the OSC and breached an OSC Cease Trade Order by trading in securities of Colby Cooper Inc.

In today’s decision on sanctions and costs, the OSC panel made protective orders permanently banning Da Silva from trading in or acquiring securities, or becoming or acting as a director or officer of an issuer, registrant, investment fund manager or promoter. The OSC panel also ordered that Da Silva pay an administrative penalty of $250,000, disgorge the $45,280 he obtained as a result of his non-compliance with Ontario securities law, and pay $52,470.25 in costs to the OSC.

The panel referred to Da Silva as a recidivist and found that “an order restricting his activities in capital markets will send a message to other like-minded individuals that involvement in this type of conduct will result in sanctions by the Commission.”

A copy of the Reasons and Decision on Sanctions and Costs and the Reasons and Decision on the Hearing on the Merits Held in Writing are available on the OSC website at www.osc.gov.on.ca.

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 capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at www.osc.gov.on.ca.

 

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