Order: Ontario Securities Commission v Drage

BETWEEN:

ONTARIO SECURITIES COMMISSION
(Applicant)

– and –

CLAIRE AMANDA DRAGE
(Respondent)

File No. 2025-14

Adjudicators:
James Douglas (chair of the panel)
Dale Ponder
Jane Waechter

December 19, 2025

ORDER

(Subsection 127(1) of the Securities Act, RSO 1990, c S.5)

WHEREAS on December 19, 2025, the Capital Markets Tribunal held a hearing by videoconference to consider the Joint Request for a Settlement Hearing filed by Claire Amanda Drage (Drage) and the Ontario Securities Commission for approval of a settlement agreement dated December 16, 2025 (the Settlement Agreement);

ON READING the Application for Enforcement Proceeding dated December 15, 2025, the Joint Request for a Settlement Hearing, including the Settlement Agreement, the written submissions of the Commission, and on hearing the submissions of the representatives for each of the parties;

IT IS ORDERED, for reasons to follow, that:

1. the Settlement Agreement is approved;
2. pursuant to paragraph 2 of subsection 127(1) of the Act of the Securities Act (Act), trading in any securities or derivatives by Drage cease permanently, except that she may trade:
   1. mutual funds, exchange-traded funds, government bonds and/or guaranteed investment certificates (GICs) for the account of any registered retirement savings plan (RRSP), registered education savings plan (RESP), registered retirement income fund (RRIF) and Tax Free Savings Account (TFSA), as defined in the Income Tax Act, RSC 1985, c 1 as amended (the Income Tax Act), in which Drage has sole legal and beneficial ownership; and
   2. solely through a registered dealer in Ontario, to whom Drage must have given a copy of this Order;
3. pursuant to paragraph 2.1 of subsection 127(1) of the Act, the acquisition of any securities or derivatives by Drage be permanently prohibited, except that she may acquire:
   1. mutual funds, exchange-traded funds, government bonds and/or GICs for the account of any RRSP, RESP, RRIF and TFSA, as defined in the Income Tax Act, in which Drage has sole legal and beneficial ownership; and
   2. solely through a registered dealer in Ontario, to whom Drage must have given a copy of this Order;
4. pursuant to paragraph 7 of subsection 127(1) of the Act, Drage immediately resign any position that she holds as a director or officer of an issuer;
5. pursuant to paragraph 8 of subsection 127(1) of the Act, Drage be permanently prohibited from becoming or acting as a director or officer of any issuer;
6. pursuant to paragraph 8.1 of subsection 127(1) of the Act, Drage immediately resign any position that she holds as a director or officer of a registrant;
7. pursuant to paragraph 8.2 of subsection 127(1) of the Act, Drage be permanently prohibited from becoming or acting as a director or officer of any registrant;
8. pursuant to paragraph 8.3 of subsection 127(1) of the Act, Drage immediately resign any position that she holds as a director or officer of an investment fund manager;
9. pursuant to paragraph 8.4 of subsection 127(1) of the Act, Drage be permanently prohibited from becoming or acting as a director or officer of any investment fund manager;
10. pursuant to paragraph 8.5 of subsection 127(1) of the Act, Drage be permanently prohibited from becoming or acting as a registrant, including as an investment fund manager, or as a promoter;
11. pursuant to paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to Drage permanently; and
12. pursuant to paragraph 6 of subsection 127(1) of the Act, Drage is reprimanded.