The Ontario Securities Commission announced that Stephan Katmarian, executive director, managing director and board chair of Peblik Inc., has been sentenced to six months in jail for securities fraud under section 126.1 of the Securities Act and will serve 18 months of probation after completing his sentence. The case centered on Peblik's sale of notes convertible into the "Peblik Token," a cryptocurrency that was never launched, using false claims that the token and the investments were backed by the Thierry Mine in Northern Ontario. Between Jan. 1, 2018, and Aug. 8, 2019, Peblik raised about $480,000 from 32 investors, all of whom lost their investments. Peblik had no valid interest in the mine, and Katmarian was aware of and responsible for the misrepresentation in some company materials. The OSC said he knew the false claims about Peblik's interest in the Thierry Mine could put investors' financial interests at risk. The conviction followed a partial appeal by the OSC after the Ontario Court of Justice acquitted Katmarian on all charges in March 2024. On June 20, 2025, the Ontario Superior Court of Justice substituted a conviction for securities fraud while dismissing two unrelated grounds of appeal. Katmarian was sentenced on May 11, 2026, and is appealing his conviction to the Court of Appeal.
Ontario Securities Commission2026-06-15
Ontario Securities Commission secures six month jail sentence for Peblik executive in securities fraud case
The Ontario Securities Commission said Peblik executive Stephan Katmarian was sentenced to six months in jail and 18 months of probation for securities fraud tied to false claims that notes convertible into the never-launched Peblik Token were backed by the Thierry Mine. Peblik raised about $480,000 from 32 investors between 2018 and 2019, all of whom lost their investments. Katmarian is appealing the conviction.