After a hearing, the Commission under section 161(1)(g) can order respondents to pay to the Commission money they obtained as a result of contravening the Securities Act.
If the Commission receives money under a s. 161(1)(g)order, it must
- issue a press release,
- post a notice on this website that it has collected money, and
- receive and consider applications for payment from the money collected
The Commission has received money pursuant to s. 161(1)(g) orders in the following cases:
||Date of Notice
||Amount of Money Received
|Canada Pacific Consulting Inc.
and Michael Robert Shantz
|March 19, 2015
|Weiqing Jane Jin
||August 6, 2015
|Keith Henry Alexander
||May 11, 2016
||Notice of Hearing
||February 23, 2017
|Winston King-Loong Kuit
||March 21, 2017
The following provides a general description of the claims process. The details of the claims process are set out in Part 3 of the Securities Regulation.
What to Do If You Lost Money
If you lost money because of the respondents’ contraventions in one of the cases listed above, you can make a claim for payment from the money received by filing a Claim Application Form (Form 12-901F) with the Commission. You must apply within three years from the date the Commission first posted notice that it received money pursuant to a s. 161(1)(g) order.
Only eligible applicants can make a claim for money collected pursuant to a s. 161(1)(g) order. An eligible application is defined as person who:
(a) suffered pecuniary loss as a direct result of misconduct that resulted in the s. 161(1)(g) order
(b) did not directly or indirectly engage in the misconduct that resulted in the s. 161(1)(g) order and
(c) has not been denied a claim under section 7.4 (6) of the Securities Regulation.
What the Commission Will Do After It Receives Your Application
After the Commission receives your application, it will determine if you are an eligible applicant. If it determines you are an eligible applicant, it will then decide whether to pay you from money collected pursuant to the s. 161(1)(g) order. In making its decision, the Commission will consider:
(a) the amount of money the Commission received from the s. 161(1)(g) order
(b) the loss you suffered
(c) the losses suffered by all eligible applicants
(d) any other information the Commission considers appropriate in the circumstances.
When calculating your loss, the Commission will consider the following factors:
(a) whether your received or are entitled to receive compensation from other sources for the loss arising from the misconduct that resulted in the order
(b) whether you benefited from the misconduct that resulted in the order
(c) the results of any hedging or other risk limitation transactions you made.
You are not entitled to lost interest or opportunity costs.
If there is not enough money to cover all the eligible claims, the Commission may prorate payment among eligible applicants.
Before paying eligible applicants, the Commission generally will wait three years after the Commission first posted notice that it received money pursuant to a s.161(1)(g) order. This is the time period set out in the Securities Act.
The commission will not deny your claim without giving you an opportunity to be heard. It can decide to prorate payments without giving you an opportunity to be heard.
For more information about whether you are eligible to make a claim and how the Commission will process your claim, please see: