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OSC Fines, Bars Pair in $4 Million Ponzi

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The OSC has permanently barred two men from the Ontario capital markets, after finding they committed multiple breaches of theOntario Securities Act.

The commission found that Joe Henry Chau and Sunil Tulsiani engaged in “egregious and dishonest” conduct in the unregistered distribution of bonds. The Maple Leaf Investment Fund (MLIF) bonds raised more than $4 million from over 80 “vulnerable” investors.

“The securities law violations committed by each of the Respondents were serious and their behaviour was egregious,” the commission said in its reasons for decision. “The respondents purported to rely on the accredited investor exemption but made no legitimate effort to determine whether the investors were duly qualified.

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