TORONTO — Ontario’s auditor general has found the province’s securities regulator has not alerted the public to many potentially risky investments and failed to collect the majority of fines it imposed over the last decade.
Bonnie Lysyk says in her annual report that her office looked closely at 35 of the 2,029 cases between 2016 and 2021 that the Ontario Securities Commission took limited or no action on after being alerted to problems by other regulators and whistleblowers.
Lysyk’s office found that in almost half of the cases it analyzed, the OSC had sufficient information to issue a warning about potentially harmful activity to investors, but didn’t.
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