Order: Ontario Securities Commission v Gagnon

Order
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BETWEEN:

ONTARIO SECURITIES COMMISSION
(Applicant)

- and -

STEPHANE GAGNON
(Respondent)

File No. 2026-13

Adjudicator:
Jane Waechter

April 29, 2026

ORDER

(Subsections 127(1) and 127(4.0.1) of the Securities Act, RSO 1990, c S.5)

WHEREAS the Capital Markets Tribunal held a hearing in writing to consider an application brought by the Ontario Securities Commission for an order imposing sanctions against the respondent, Stephane Gagnon, without giving the respondent an opportunity to be heard, pursuant to subsections 127(1) and 127(4.0.1) of the Securities Act, RSO 1990, c S.5 (the Act);

ON READING the materials filed by the Commission, including the Reasons for Decision of the Ontario Court of Justice dated July 23, 2025;

IT IS ORDERED THAT:

  1. pursuant to paragraph 2 of subsection 127(1) of the Act, trading in any securities or derivatives by Gagnon shall cease permanently;
  2. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Gagnon is prohibited permanently;
  3. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Gagnon permanently;
  4. pursuant to paragraphs 7, 8.1 and 8.3 of subsection 127(1) of the Act, Gagnon shall resign any positions that he holds as a director or officer of any issuer or registrant;
  5. pursuant to paragraphs 8, 8.2 and 8.4 of subsection 127(1) of the Act, Gagnon is prohibited permanently from becoming or acting as a director or officer of any issuer or registrant; and
  6. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Gagnon is prohibited permanently from becoming or acting as a registrant or promoter.

“Jane Waechter”
Jane Waechter