Tariffs-Free Regulatory Importing?
Asad Akhtar
leads for RESP investments. Nellie Acar, a RESP sales representative, was charged with two
counts of secret commission, forgery, uttering a forged document and possession of property
obtained through crime.151 JSOT also filed charges against Shaida Bandali, a hospital clerk, for
unregistered trading contrary to section 25(1) of the Act. Bandali was accused of creating
investor lists from the stolen patient information. Bandali has pleaded guilty to the charge and is
currently awaiting sentencing, with OSC Staff seeking a ninety day prison sentence.152
5. Future Outlook
The creation of JSOT demonstrates a positive outlook on the future of securities law
enforcement in Canada. JSOT has successfully leveraged its expanded subject matter experience
and broader investigative tools to quickly and efficiently prosecute frauds occurring in the capital
markets.
With the physical shift of IMET’s Toronto division into the OSC, many have deemed
JSOT the “de facto substitute” for IMET and a potential predecessor for a model to be used in
CCMR.153 However, the complexity of these early successes should be kept in consideration; it
remains to be seen if JSOT is capable of successfully prosecuting complex frauds enacted by
sophisticated parties.
Wiretapping Provisions
The inability of JSOT or law enforcement entities to utilize wire-taps to investigate
insider-trading continues to remain a hurdle. As the Criminal Code does not list the offence of
insider-trading as one that can be investigated by wiretaps, JSOT investigators must utilize other
investigative resources in its prosecution of insider-trading cases. However, these other
Diana Mehta, “OSC lays charges in records privacy breach at T.O. hospitals”, CP24 (June 2, 2015) online: CP24
.
152
Marco Oved, “Prosecutor says hospital clerk should go to jail”, The Star (October 13, 2015) online: The Star
.
153
Barbara Shecter, “Howard Weston: The Bay Street sheriff who key his eye on the big picture”, Financial Post
(November 13, 2015) online: Financial Post .
151
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