Re Frederick Lawrence Mitschele
In 2012, The British Columbia Securities Commission (“BCSC”) found that two traders, Frederick Lawrence Mitschele (“Mitschele”) and Michael Wallace Minor (“Minor”) had engaged in unregistered trading and illegal distribution of securities contrary to the British Columbia Securities Act. The BCSC imposed sanctions which included a 5 year ban from trading and/or acting as a director or officer of an issuer.
The Commission ruled pursuant to its inter-jurisdictional enforcement authority under section 127(1) of the Securities Act that a protective order should be put in place against the traders and adopted the BCSC’s sanctions to make them enforceable in Ontario. In doing so, the Commission held that it may exercise its discretion to impose sanctions which are consistent with the BCSC and, in the circumstances it is in the public interest do so. The OSC decision in its entirety can be found here.