Judge orders jail time in fraud case

A convicted fraudster has been sentenced to jail time and ordered to pay restitution by an Ontario judge.

The Ontario Securities Commission (OSC) announced that Marc Brunet, who was convicted of fraud, trading without registration, and trading without a prospectus, has been ordered to serve two-and-a-half years in jail.

Brunet’s wife, Helene Brunet, was convicted of trading without a prospectus and sentenced to 12 months of probation.

The couple, who were ordered to pay over $700,000 in restitution, are appealing their convictions. Brunet has been granted bail pending their appeal, the OSC reported.

The regulator filed quasi-criminal charges against the pair in 2018, alleging they illegally sold over $750,000 worth of securities in a company called MultiCast Networks Holdings Inc. between 2010 and 2016, and that a “significant percentage” of that money was taken “for personal benefit.”

In June of this year they were convicted by Justice Jacqueline Loignon in the Ontario Court of Justice in Ottawa.

“The court’s decision to impose a significant jail sentence in this case sends a clear message to anyone thinking of committing securities fraud in Ontario that they will be held accountable for their actions,” said Jeff Kehoe, director of enforcement with the OSC, in a statement.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.