James Langton PwC alleges deleted emails, unusual transactions in Bridging Finance case Related news “These contraventions were intentional and part of a sophisticated scheme set up to derive the most benefit to Gillani and his co-conspirators,” the OSC hearing panel said when handing down sanctions on Tuesday. It also noted that Gillani did not respond to OSC staff’s written or oral submissions on sanctions and costs. “He never showed any remorse for his conduct. At the merits hearing, it was proven that Gillani had no bank account, no credit card and a peripatetic address,” the panel said. “I have no hesitation in determining that Gillani is an opportunist who will likely abuse the capital markets in the future and harm investors unless restrained.” As a result, the panel ordered the sanctions sought by OSC staff, including a permanent ban from the markets; a $1 million penalty; $719,000 in disgorgement and $200,000 in costs. The OSC panel also ordered sanctions against Ryan Driscoll, a man that the OSC found brought investors to presentations hosted by Gillani — although Driscoll didn’t set up the investment scheme and did not pressure the investors. Driscoll was found to have acted in furtherance of a trade without being registered. However, the OSC panel noted that, “In the range of misconduct harmful to investors and the capital markets, Gillani stands at the high end and Driscoll at the lower end. The sanctions appropriate to Driscoll should reflect this reality.” As a result, the OSC panel ordered disgorgement of the $66,000 Driscoll received in commissions, a $30,000 penalty, $15,0000 in costs and a two-year ban. Share this article and your comments with peers on social media Keywords EnforcementCompanies Ontario Securities Commission Facebook LinkedIn Twitter Mouth mechanic turned market manipulator BFI investors plead for firm’s sale The Ontario Securities Commission (OSC) has ordered a permanent ban and almost $2 million in monetary sanctions against an alleged fraudster. The OSC issued sanctions on Tuesday against two companies — International Strategic Investments Inc. and Somin Holdings Inc. — and the man who controlled those firms, Nazim Gillani. They were found to have breached securities laws by engaging in unregistered trading and committing fraud against investors at an earlier hearing.