|By PR Newswire||
|March 3, 2014 03:01 PM EST||
TORONTO, March 3, 2014 /CNW/ - The Ontario Securities Commission (OSC) announced today that Keith Summers of Kitchener, Ontario has been charged with alleged breaches of the Criminal Code of Canada following an investigation by the OSC's Joint Serious Offences Team (JSOT).
Summers was charged with one count of Fraud and one count of Uttering a Forged Document.
JSOT launched an investigation in July 2013 into the activities of Summers and his investment fund companies Tricoastal Capital Partners LLC and Tricoastal Capital Management Ltd. Summers allegedly sold Tricoastal securities and defrauded investors through fraudulent use of their funds, and fraudulently hid trading losses. It is also alleged that Summers issued false Tricoastal Capital Partners LLC financial statements as part of this scheme. The alleged total losses by investors in this matter are approximately US$2.1M. Mr. Summers has cooperated with OSC staff throughout the course of this investigation.
The first court appearance for Summers in this matter is scheduled to take place March 6, 2014 at 11:00 a.m. in Courtroom # 111 at the Old City Hall - Ontario Court of Justice, 60 Queen Street West, Toronto, Ontario.
The Commission has also initiated an administrative proceeding with respect to this matter. The Office of the Secretary issued a Notice of Hearing on March 3, 2014, setting the matter down to be heard on March 27, 2014 at 11 a.m. or as soon thereafter as the hearing can be held. A copy of the Notice of Hearing dated February 27, 2014 and Statement of Allegations of Staff of the Ontario Securities Commission dated February 27, 2014 are available at www.osc.gov.on.ca.
JSOT was established by the OSC as an enforcement partnership between the OSC and the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti Rackets Branch. The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Ontario Securities Act or the Criminal Code of Canada.
The OSC also wishes to acknowledge the important assistance provided to this investigation by the Securities Exchange Commission in New York.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca
SOURCE Ontario Securities Commission
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