First Marathon fined $4-million

Article Abstract:

First Marathon Securities Ltd. has been penalized with a record C$4 million by the Toronto Stock Exchange for its general lack of compliance of its business operations during the early 1990s which involved its employees in a stock fiasco with Cartaway Resources Corp. A group of eight of its employees, who owned a 45% stake in Cartaway, reportedly played potentially conflicting roles in the junior mining industry scenario. The penalty consists of C$3.5 million in fines and $500,000 in costs. The British Columbia and Alberta securities commissions will also hold hearings involving the First Marathon employees.

Comment:

Penalized with a record C$4 million by the Toronto Stock Exchange for its general lack of compliance of its business operations

Canada, Securities Dealers, Investment Banking and Securities Dealing, Government regulation (cont), First Marathon Securities Ltd., Article

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OSC to review big funds' records

Article Abstract:

The Ontario Securities Commission (OSC) conducted on-site reviews at some of the biggest companies in the mutual fund industry, including CI Fund Management INC. and AGF Funds Inc, as part of its probe into potentially abusive trading. The OSC has asked the fund companies to provide backup documentation, including time stamps, for 100 trades chosen at random that were processed manually rather than electronically.

Legal issues & crime, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Ontario, Management investment, open-end, Restraint of Trade, Company legal issue, Investigations, Mutual fund industry, Ontario. Securities Commission

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