Tribunal rejects tougher sanctions in crypto case
While the tribunal found that the tokens themselves weren’t securities, it concluded that the way they were offered to investors meant they amounted to “investment contracts,” and therefore qualified as securities.
It also concluded that Pirakaspathy, Nvest Canada and GX Technology engaged in unregistered trading of those securities, all four respondents illegally distributed the securities, and Carson authorized the companies’ violations.
As a result, the tribunal ordered that each of them is banned from the markets for 10 years. They were also fined $200,000 each, and ordered to disgorge almost $300,000 and pay $162,390 in costs to the OSC.
The sanctions were less than the commission was seeking.
It asked for…
