Lying to the OSC gets Ontario man probation, community service

A man who tried to conceal his criminal record in his application for registration as a scholarship plan dealing representative has pleaded guilty to providing false or misleading information during an Ontario Securities Commission (OSC) investigation, the regulator announced Thursday.

Sergiy Kaspirovych was sentenced to 18 months’ probation and 150 hours of community service for contravening the Securities Act by Justice Moore of the Ontario Court of Justice.

According to the OSC, between March 16 and April 1, 2023, Kaspirovych gave the provincial securities regulator two forged criminal record checks to support his registration as a scholarship plan dealing rep. The false documents showed Kaspirovych did not have a criminal record, but an investigation found that Kaspirovych had “extensive criminal convictions” going back to 2010, the OSC’s statement said.

“There is no place in Ontario’s capital markets for individuals who lie on their applications for registration,” Bonnie Lysyk, executive vice-president of enforcement with the OSC, said in a release. 

The charges came after an investigation by the OSC’s criminal investigations and prosecutions team, which investigates securities-related frauds, market manipulation and related misconduct.

The Toronto Police Service and RCMP assisted in the investigation.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.