Venard “Lenny” Gaudet Sentenced After Pleading Guilty to Unregistered Trading and Illegal Distribution

TORONTO – The Ontario Securities Commission (OSC) announced today that Venard “Lenny” Gaudet was sentenced to one year of probation with conditions and a fine of $800 after he pleaded guilty to charges under the Securities Act (Ontario) before Justice Mulligan at the Old City Hall - Ontario Court of Justice.

Gaudet’s conditions require him to cease trading in securities and to refrain from acting as an officer or director of any issuer, as the terms “officer”, “director” and “issuer” are defined in the Securities Act.

Following an investigation by the OSC’s Joint Serious Offences Team (JSOT), Gaudet admitted to trading securities of Intrinsic Minerals Inc. without registration, contrary to s. 25(1) of the Securities Act, and issuing securities of the same company without filing a prospectus, contrary to s. 53(1) of the Act.

For a copy of the sentencing decision for this matter, contact Old City Hall - Ontario Court of Justice, referencing the Court file number 998-12000863-00.

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 www.osc.ca

 

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