Pasqualino “Lino” Novielli and Rebecca Mori charged Quasi-Criminally with Fraud, Unregistered Trading and Illegal Distribution

TORONTO – The Ontario Securities Commission (OSC) announced today that Pasqualino “Lino” Novielli of Vaughan, Ontario and Rebecca Mori of Toronto, Ontario have been charged with alleged breaches of the Securities Act (Ontario) following an investigation by the OSC’s Joint Serious Offences Team (JSOT).

Novielli and Mori were charged with one count of fraud contrary to section 126.1(1)(b) of the Securities Act, one count of trading without registration as required by section 25(1) of the Securities Act and one count of trading in securities without a prospectus as required by section 53(1) of the Securities Act.

Novielli was further charged with two counts of trading in securities during a time when he was prohibited from trading in securities by orders of the Commission dated April 30, 2008 and February 1, 2013.

Novielli continues to be subject to a permanent cease trade order prohibiting him from trading in securities.

It is alleged that between July 2010 and December 2013, Novielli and Mori engaged in acts, practices or a course of conduct relating to the sale of I-On Inc. (I-On) securities that they knew or ought to have known perpetrated a fraud on investors. Approximately $1.2 million was raised from investors during this scheme.

It is further alleged that Novielli and Mori have never been registered with the Commission under the Securities Act and no prospectuses qualifying any I-On related securities have ever been filed with the Commission.

The first court appearance for Mori in this matter is scheduled to take place on December 2, 2015 at 11:00 a.m. in Courtroom #111 at the Old City Hall – Ontario Court of Justice, 60 Queen Street West, Toronto, Ontario.

The first court appearance for Novielli in this matter is scheduled to take place December 3, 2015 at 11:00 a.m. in Courtroom #111 at the Old City Hall – Ontario Court of Justice, 60 Queen Street West, Toronto, Ontario.

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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