OSC Lays Quasi Criminal Charges Against Terrence M. Bedford and Joanne Harris-Bedford

TORONTO – On March 30, 2012, the Ontario Securities Commission (OSC) laid quasi-criminal charges against Terrence M. Bedford and Joanne Harris-Bedford in connection with alleged breaches of section 122(1)(c) of the Securities Act (Ontario).

Mr. Bedford and Ms. Harris-Bedford were each charged with one count of engaging or participating in an act, practice or course of conduct relating to securities that they knew, or reasonably ought to have known, perpetrated a fraud on persons or companies to whom they traded securities, contrary to s. 126.1(b) of the Securities Act.

A first appearance for Mr. Bedford and Ms. Harris-Bedford is scheduled for May 17, 2012 at 9:00 a.m., Courtroom 100, at the John Sopinka Courthouse, 45 Main Street East, Hamilton, Ontario, L8N 2B7.

Under section 122 of the Securities Act, 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. The maximum penalty available upon conviction is a fine of not more than $5 million or imprisonment for a term of not more than five years less a day, or both. The OSC pursues cases in court in order to seek sanctions and penalties that send a strong message of deterrence and denunciation 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 https://www.osc.ca.

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