Fines and restitutions by Canadian Securities Administrators rise sharply, with significant increases in penalties and investor alerts
The Canadian Securities Administrators (CSA) report a significant increase in fines and restitutions over the past year, as reported by BNN Bloomberg.
In its year in review, the CSA reveals that provincial securities regulators imposed $27.6m in fines, administrative penalties, and other financial sanctions, a notable rise from $18.5m the previous year.
Restitution, compensation, and disgorgement for the 2023-2024 fiscal year, which ended on June 30, totalled $75.7m, up sharply from $20.9m the prior year.
The CSA also issued 1,054 investor alerts, cautions, and warnings, up from 758 the year before, with more than half of these related to cryptocurrencies.
Additionally, the report shows that 64 individuals and 39 companies were banned from market participation, compared to 81 individuals and 23 companies the previous year.
Jail terms totalling 16.5 years were handed out to six individuals, a substantial increase from 5.5 years for five individuals the previous year.
