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|FOR IMMEDIATE RELEASE
October 29, 2019
Recidivist Wesley Weber Sentenced after Guilty Plea to Securities Act Offences
TORONTO - The Ontario Securities Commission (OSC) announced today that Justice Malcolm McLeod of the Ontario Court of Justice sentenced Wesley Wayne Weber to 90 days in prison and two years probation after pleading guilty to trading securities while prohibited by an Order of the OSC.
Using the alias “Wesley Kam,” Weber accepted funds for investment in Incryptex and took steps to have the company listed on a public exchange by arranging for shares in Incryptex to be issued. Weber also oversaw the creation of presentations to solicit Ontario investors for Incryptex.
Weber’s activities were in violation of a 2011 Cease Trade Order, which remains in place. In 2011, the OSC banned Weber from trading in securities for 15 years, as a result of his violations of Ontario securities law associated with Goldbridge Financial Inc. Weber remains subject to this ban until 2026.
This investigation was conducted by Staff within OSC Enforcement that investigate quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists.
Quasi-criminal charges are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
To date, the OSC has pursued 46 quasi-criminal and criminal matters involving 65 accused.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. 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.
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