On April 4, 2011, the OSC obtained its first finding of guilt for fraud in quasi-criminal proceedings when Vadim Tsatskin pled guilty to one count of fraud before the Ontario Court of Justice. Mr. Tsatskin admitted that securities sold to the public were fraudulently represented to constitute ownership interests in Kentucky oil and gas leases. The OSC requested a three and a half year term of imprisonment in the case. Counsel for Mr. Tsatskin submitted that a three year term would be appropriate.
FAIR Canada is encouraged to see the OSC’s successful prosecution of fraud in this case. We urge all Canadian regulators to make efforts to increase the prevention and detection of securities law violations and to vigorously prosecute those who harm investors and threaten the integrity of Canada’s capital markets.
Click here to see the OSC’s release.
