Decision in brief: Hew, Enforcement Proceeding, Merits and Sanctions and Costs, January 23, 2026

In this enforcement case, the OSC alleged that Hew did not follow the Tribunal’s earlier order that he not trade in securities for 15 years, except through a personal RRSP (registered retirement savings plan). The OSC says that by opening three non-RRSP accounts, and trading in two of those accounts, Hew broke the Tribunal’s order.

Hew 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 opening a non-RRSP account is not “trading” under securities law, but buying and selling of securities in that account is. Hew broke the Tribunal’s order by making hundreds of trades in two non-RRSP accounts when he was prohibited from doing so.

Because Hew disobeyed the 15-year ban, the Tribunal decided he should be permanently banned from participating in Ontario’s capital markets.

The Tribunal also decided that Hew must pay an administrative penalty of $100,000 to reflect the seriousness of ignoring a Tribunal order and to discourage Hew and others from behaving similarly. In addition, Hew must pay costs to the OSC of $38,282.87, which were slightly reduced to reflect the simplicity of this case.