In the settlement, Boily agreed to, among other sanctions, a permanent ban from acting as a Director and Officer of any issuer, an administrative penalty of $750,000, $50,000 in costs, and a prohibition from trading (with a carve-out for his Locked-In Retirement Account) for the later of a period of 15 years or as long as his administrative penalty and costs order remain unpaid. Boily also agreed not to act as a Qualified Person for life.
"The terms of this settlement send a strong message that the Commission will not tolerate misconduct by Qualified Persons, particularly conduct which runs contrary to the important gatekeeper role played by Qualified Persons in the securities disclosure regime," said Tom Atkinson, Director of Enforcement at the Ontario Securities Commission.
A copy of the Settlement Agreement and Order of the Commission in this matter are available on the OSC website at www.osc.gov.on.ca.
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's investor materials available at www.osc.gov.on.ca.SOURCE Ontario Securities Commission