The Ontario Securities Commission has launched enforcement proceedings against six individuals for alleged failures to comply with director and officer bans issued by the Capital Markets Tribunal, as part of an ongoing Enforcement review of non-compliance. The review is focused on potential violations of multi-year and permanent bans that prohibit individuals from serving as a director or officer of any issuer. Applications for Enforcement Proceedings have been filed against Mitchell Carnie, Radhakrishna Namburi, Andre Itwaru, Nayeem Alli, Maurice Aziz and Benjamin Ward. Each application sets out case-specific allegations and the orders sought, and if the allegations are proven the Tribunal would determine any penalties and costs based on the circumstances. The OSC said it is proactively monitoring compliance with director and officer bans and will commence additional enforcement proceedings where appropriate.
Ontario Securities Commission 2025-10-20
Ontario Securities Commission files enforcement applications against six individuals for alleged breaches of director and officer bans
The Ontario Securities Commission has initiated enforcement proceedings against six individuals for allegedly violating director and officer bans issued by the Capital Markets Tribunal. The review targets potential breaches of multi-year and permanent bans, with applications filed against Mitchell Carnie, Radhakrishna Namburi, Andre Itwaru, Nayeem Alli, Maurice Aziz, and Benjamin Ward. The OSC is monitoring compliance and may pursue further enforcement actions as necessary.