Michael Mitton, a Montreal man sentenced to seven years in prison after pleading guilty to market manipulation and money laundering, is facing fresh charges, the Ontario Securities Commission said Friday.
Mr. Mitton faces one count of trading without registration and one count of trading securities while prohibited by a previous order issued in 2011, following an investigation by the OSC’s Joint Serious Offences Team (JSOT).
In a statement issued Friday, the OSC called Mr. Mitton’s behavior “notorious,” and said his history of convictions for offences including fraud, forgery, and money laundering dates back to 1977.
He has already been banned for life from trading securities in the provinces of Ontario, Alberta and British Columbia.
Following a guilty plea on criminal charges of market manipulation and money laundering in 2007, Mr. Mitton was sentenced to seven years’ incarceration and ordered to pay restitution of US$2.6-million.
He is scheduled to appear in court in Toronto on March 13 to face the latest quasi-criminal charges brought by the OSC.
The OSC’s JSOT unit is an enforcement partnership between the provincial securities regulator, the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch.
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