Decision in brief: Ontario Securities Commission v Carnie, Enforcement Proceeding, Merits and Sanctions and Costs, February 2, 2026

In this enforcement case, the OSC alleged that Carnie did not comply with the Tribunal’s earlier order that he not be a director or officer of any company for at least 7 years, with a limited exception. The OSC says that despite that order, Carnie continued to be a director and officer of four companies.

Carnie did not participate in this hearing, but the Tribunal decided that he was aware of it and chose not to participate.

The Tribunal decided that Carnie broke the Tribunal’s order because he continued to be a director and officer of four companies. Even after receiving a warning from the OSC, Carnie only resigned from one company and continued to be a director and officer of the other three.

Because of the seriousness of Carnie’s actions, the Tribunal decided that he should be banned from being a director and officer of any company for an additional six years and six months after the existing ban ends. This length reflects the amount of time that Carnie broke the order (about five years) plus an additional 18 months.

The Tribunal also decided that Carnie must pay an administrative penalty of $37,500. This amount reflects how serious his actions were, how long he broke the order for, and the number of companies he wrongly stayed involved with. In addition, Carnie must pay costs to the OSC of $10,683.75, which were slightly reduced to exclude costs not directly attributable to this case.