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The Ontario Securities Commission.
The Ontario Securities Commission.
(Peter Power/The Globe and Mail)

OSC seeks to match Connecticut ban on Ontario man

The Ontario Securities Commission is seeking to ban an Ontario man from working as a registrant in the securities industry after Connecticut banking regulators found him guilty of defrauding his clients.

While the OSC often seeks to match sanctions imposed by other provincial securities regulators, it is rare for the regulator to seek to reciprocate an order from a U.S. state entity. An OSC spokeswoman said staff do not believe they have ever sought to reciprocate an order of the Banking Commissioner of the Connecticut Department of Banking (CDB), which is the department overseeing the operation of banks and securities firms in the state.