Carlos Da Silva, Sei-Jin Ki and Kamal Singh Athwal Charged with Securities Act Offences
For Immediate Release OSC Enforcement Before the Court
TORONTO – The Ontario Securities Commission (OSC) announced today that Carlos Da Silva, Sei-Jin Ki and Kamal Singh “Bobby” Athwal of Toronto, Ontario, have been charged with fraud and related offences under the Securities Act (Ontario) following an investigation by the Joint Serious Offences Team (JSOT).
Da Silva, Ki and Athwal have been charged with the following offences under the Securities Act: fraud, contrary to section 126.1(1)(b); trading in securities without registration as required by section 25(1); and trading in securities without a prospectus as required by section 53(1).
Da Silva, Ki and Athwal are alleged to be business associates who sold approximately $140,000 worth of securities in Toronto Scientific Medtech Inc. to Ontario investors between May 1, 2016 and June 30, 2017.
Da Silva has also been charged with trading in securities while permanently prohibited by order of the Commission, which is contrary to section 122(1)(c) of the Securities Act.
Da Silva remains subject to a Commission order imposed on December 10, 2008, which prohibits him from engaging in the business of trading or selling securities.
Da Silva, Ki and Athwal are scheduled to appear in court on this matter on December 4, 2018 at 11:00 a.m. in Courtroom #111 at the Ontario Court of Justice, 60 Queen Street West, Toronto, Ontario.
Any investors who were solicited to invest in Toronto Scientific Medtech Inc. should contact the OSC’s Contact Centre at 1-877-785-1555 (Toll Free) or [email protected].
To date, JSOT has pursued 43 matters involving 61 accused.
JSOT was established by the OSC as an enforcement partnership between the OSC, the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Securities Act or the Criminal Code.
The OSC's partnership with law enforcement allows for criminal charges to be laid by JSOT members, which include police officers seconded to the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
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 www.osc.ca.
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