Trader to pay over $400K for fraud, impermissible trading: OSC

A trader and a related firm, Black Panther Trading, has to pay the OSC more than $400,000 in fines and costs after using clients’ investments for personal gain.

The OSC is ordering Charles Goddard and Black Panther to permanently cease trading of any securities or derivatives. He is also banned from working as a director or officer at any issuer or investment fund manager.

Goddard and Black Panther must pay $300,000 in an administrative penalty, $100,000 in costs, and repay more than $300,000 in disgorgements, the OSC said.

The OSC found that Goddard and the firm used most of client investments worth $425,000 to “repay other investors or for the personal benefit of Mr. Goddard and his family members.”

Goddard and Black Panther “perpetrated fraud, engaged in impermissible trading and advising, and conducted an illegal distribution of securities. Mr. Goddard also misled Staff during its investigation,” the OSC said in a decision issued April 11.

Staff

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