Decision in brief: Canada Cannabis Corporation, Enforcement Proceeding, Motion for a stay, November 13, 2023
In this enforcement proceeding, OSC staff says that Silvio Serrano and Peter Strang violated Ontario securities law by using money from investors for themselves and their families.
In an earlier confidential decision, the Tribunal decided that some parts of the transcript (written record of what was said) of OSC staff’s interview of Benjamin Ward during its investigation should not be public, and should not be given to Serrano, among others. Ward previously settled the proceeding against him.
Serrano asked for a complete copy of the transcript because he needs it to defend himself. He said that if the transcript was not given to him, then the proceeding against him should be stayed (permanently stopped).
The Tribunal decided that the proceeding against Serrano should be stayed. If the proceeding against Serrano were to go ahead, he should receive a complete copy of the transcript to help him defend himself. However, the earlier Tribunal decision prevents OSC staff from giving it to him, and there is no reason now for the Tribunal to change that earlier decision. There are no new facts, and the original basis for the earlier decision still stands.