Decision in brief: Stinson v Ontario Securities Commission, Application, Variation of an Order, November 3, 2025

In an earlier decision, the Tribunal ordered sanctions and costs against Harry Stinson, Buffalo Grand Hotel Inc. and other corporations for breaking Ontario securities law while raising money to fund a hotel development project in Buffalo. Stinson and Buffalo Grand were ordered to jointly disgorge (give up to the OSC) the $13.5 million they raised from investors and pay a $600,000 administrative penalty and $166,000 in costs.

Stinson and Buffalo Grand asked the Tribunal to change its order so that they did not have to make those payments. They said those payments were stopping them from getting a loan to fix and reopen the hotel, which was damaged by fire in 2021. They said that repairing and reopening the hotel was the only way for investors to get some of their money back.

A group of investors supported the plan, and their representatives asked to speak at the hearing. The Tribunal let them make short comments because of the special situation and because the OSC agreed.

The Tribunal decided not to change its order. Stinson and Buffalo Grand did not show that their situation had changed enough to justify changing the order. Their plan was incomplete and uncertain. Also, it was not proven that the sanctions were the only thing stopping their plan.

In addition, Stinson and Buffalo Grand did not give strong proof that changing the order would not harm the public interest. The Tribunal’s sanctions are meant to protect investors and the public, not to compensate for losses.