Regulatory panel reviews case alongside prior ruling on similar undisclosed business activities
The Canadian Investment Regulatory Organization (CIRO) has issued its reasons for decision following a settlement hearing held on January 23, concerning Jason Andrew Gold.
According to the settlement, Gold admitted that between August 2019 and October 2021, he engaged in unapproved outside business activities (OBAs) in violation of Dealer Member Rule 18.14.
CIRO’s panel confirmed a fine of $20,000 and costs of $5,000 as part of the settlement.
Gold conducted business with Dominick Capital Corporation in the Toronto, Ontario area and was previously employed by Gravitas Securities Inc., which was a Dealer Member of the Investment Industry Regulatory Organization of Canada (IIROC) before its transition into CIRO.
He was as an investment representative and an assistant to a registered representative, Darren Carrigan, from August 2019 until his resignation on June 6, 2022.
The panel’s decision referenced a disciplinary hearing against Carrigan, which involved similar conduct.
Carrigan had been a shareholder in several cannabis-related businesses, including Anahit International Corp., CanBud Distribution Corp., and Zenith Exploration Inc., without disclosing his activities to his dealer member.
Gold participated in transactions related to these companies, including private investments and share transfers, without obtaining approval from his firm, Gravitas Securities Inc.
The panel determined that Gold’s failure to disclose his involvement in these businesses constituted a regulatory violation. While there was no evidence of harm to clients, the panel emphasized the seriousness of the misconduct.
Gold’s penalty aligns with CIRO’s Sanction Guidelines and is consistent with previous disciplinary actions in similar cases.
The panel noted that he is not currently registered in the securities industry and would need to reapply should he seek to return.
His disciplinary history, including prior sanctions in 2019, could impact any future registration.
CIRO reaffirmed that hearing panels should respect negotiated settlements unless the proposed penalties fall outside a reasonable range of appropriateness.
The panel concluded that Gold’s settlement was in line with CIRO’s standards and served as a deterrent to others in the industry.
The hearing panel, which included Chair Martin Friedland, Steven Garmaise, and Nick Pallotta, accepted the settlement agreement and released its reasons on January 29, 2025.
