Peter Siklos Sentenced to Jail for Breaching Ontario Securities Act

TORONTO, June 10, 2014 /CNW/ - Peter Siklos was sentenced to 60 days in jail and two years of probation today after pleading guilty to one count of fraud contrary to section 126.1 of the Securities Act (Ontario) before the Honourable Justice Malcolm McLeod of the Ontario Court of Justice. This follows an investigation and prosecution by the OSC's Joint Serious Offences Team (JSOT).

Siklos admitted to participating in a fraudulent advance-fee scheme operated through Crown Capital Management Corporation.  The scheme targeted investors in Canada, including Ontario, and the United States. Siklos adopted an alias and used false identification to establish and administer a virtual office and bank accounts for Crown Capital, and to disburse the funds fraudulently obtained from shareholders as part of the scheme.

On March 14, 2013, Michael Chomica was sentenced to two years in jail following a guilty plea to fraud contrary to the Securities Act.  In his plea, Chomica admitted to being the architect of the Crown Capital scheme.  

JSOT was established by the OSC as an enforcement partnership between the OSC and 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 Ontario Securities Act or the Criminal Code of Canada. 

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.gov.on.ca.

SOURCE: Ontario Securities Commission

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