Decision in brief: Scheinman, Inter-Jurisdictional Enforcement Proceeding, Sanctions, November 13, 2023

Citation and CanLII link
Sandra Blake
Date des motifs:
Numéro de dossier:
Type d'audience:
Sanctions and Costs
Candidats / Répondants :
Derek Scheinman

The Ontario Court of Justice convicted Derek Scheinman of fraud. Scheinman promised investors their money was being used to fund mortgages and guaranteed them high rates of return. Instead, he used the money to pay back other investors and for his own personal expenses. The Court sentenced Scheinman to four years in jail.

OSC staff asked that Scheinman be restricted from participating in Ontario’s capital markets based on the Court’s decision.

The Tribunal decided to permanently ban Scheinman from participating in Ontario’s capital markets. Scheinman defrauded many victims over a period of eleven years in the total amount of $23 million. What he did was dishonest and shows that he cannot be trusted. A permanent ban from the capital markets is needed to protect investors from Scheinman and to discourage other people who might think about doing something similar

Préparées par le personnel du Secrétariat de la gouvernance et du Tribunal, les décisions en bref aident le public à mieux comprendre les décisions du Tribunal. Elles ne font pas partie des motifs invoqués par le Tribunal et ne sont pas utilisées dans les procédures judiciaires.