The Ontario Securities Fee (OSC) is accusing former Bay Boulevard dealer Mark Valentine of again and again violating an entire life ban on changing into a director or officer of an issuer, in addition to a 15-year buying and selling ban.
The provincial regulator issued the bans in a agreement with the Toronto resident in December 2004, after Valentine pleaded accountable to at least one depend of securities fraud in Florida, for which he was once sentenced to 4 years of probation, 9 months of area arrest and was once deported to Canada.
Valentine was once in the past arrested in 2002 in a joint RCMP-FBI fraud investigation referred to as “Bermuda Quick.”
It was once a large exchange in fortune for the previous Thomson Kernaghan & Co Ltd. dealer, described as a “big name” and “simply probably the most richest avid gamers on Bay Boulevard” in media studies on the time.
In a observation of allegations printed Wednesday, the OSC mentioned that Valentine didn’t apply its orders during the last 18 years. It alleged he remained or become a director of 38 firms, participated in a sale of stocks transaction and more than a few fairness loans.
“Those are severe and unacceptable breaches of Ontario securities regulation,” the OSC mentioned.
“When individuals flout the constraints imposed on them via orders of the Fee, those individuals undermine investor self belief and the equity and potency of our markets.”
The OSC is looking for an administrative penalty of as much as $1 million for each and every example of failure to agree to Ontario securities regulation.
Not one of the allegations were confirmed. Valentine didn’t straight away reply to a request for remark despatched to 2 of his LinkedIn accounts. Probably the most accounts lists Valentine as an investor, whilst at the different he’s known as the CEO of Thaler Ventures, an organization named within the OSC’s observation.
Valentine, who’s now in his early 50s, seemed to have resumed his monetary actions round 2009, beginning as a director at 13 firms in 2014 on my own, in keeping with the OSC’s observation.
He allegedly made thousands and thousands from a chain of transactions performed within the overdue 2010s.
Probably the most firms within the OSC’s investigation was once Pinnacle International Companions (PGP), of which Valentine was once the only real shareholder in addition to an officer and director. The OSC stated PGP won cord transfers totalling US$11,294,805 associated with inventory gross sales from 2015 to 2016.
The OSC alleged that PGP and Thalerventures, some other corporate the place Valentine was once the director, won roughly $4.3 million in reimbursement, together with stocks of make the most of fairness loans.
The OSC stated that during 2018, he approved an organization referred to as Pecunia Holdings to promote $1,346,454.30 value of stocks in some other corporate. Tomorrow, Pecunia was once included and Valentine was once named its sole officer and director. Over the following month, he transferred $839,837 of the ones proceeds to 2 different firms the place he was once the director, Thalerventures and Dupont Circle of relatives Place of business.
The OSC needs to reserve Valentine to completely forestall buying and selling in any securities and derivatives, stop obtaining any securities, surrender from all his director roles, and not once more develop into a director or officer of any issuer, registrant or funding fund supervisor.
It’s now not transparent what induced the OSC investigation or when it began having a look into Valentine’s alleged breaches. However this isn’t the primary felony and regulatory bother Valentine has had since 2004.
In 2006, the U.S. Securities and Trade Fee banned him from collaborating in any providing of penny shares.
In 2017, a California pass judgement on ordered Valentine and others to pay just about US$20 million to a brokerage, BTIG LLC, over a securities business that resulted in instant losses.
The OSC will dangle a listening to on its new allegations in opposition to Valentine on April 21.