Abel Da Silva Sentenced to 18 Months in Jail for Breaching Ontario Securities Act

TORONTO – Justice Sheila Ray of the Ontario Court of Justice today sentenced Abel Da Silva to nine months in jail for trading in securities of Moncasa Capital Corporation without registration, and trading in securities without a prospectus and to nine months for breaching three separate Ontario Securities Commission cease trade orders. Da Silva used the alias “Jim Wilson” to trade in securities of Moncasa.

In a previous matter, Justice Joseph Kenkel of the Ontario Court of Justice sentenced Da Silva in November 2011 to a total of 27 months in jail for fraud, trading in securities without registration and trading in securities without a prospectus involving shares of Shallow Oil and Gas Inc. The sentence imposed today will run concurrent to the sentence that Da Silva is serving in the Shallow Oil matter.

“The OSC takes violations of our cease trade orders seriously and we will continue to pursue offenders through the court system,” said Tom Atkinson, OSC Director, Enforcement.

Under section 122 of the Act, Staff of the OSC has the authority to lay quasi-criminal charges against individuals or companies in the Ontario Court of Justice for alleged violations of the Act. Quasi-criminal means that a jail term is a possible sanction if a defendant is convicted of a violation of the Securities Act. Staff of the OSC pursues cases in court in order to seek sanctions and penalties that send a strong message of deterrence to those who try to exploit investors.

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 capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at www.osc.ca.

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