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Globe says OSC panel dismisses Serrano case on delays

2023-11-17 09:02 ET - In the News

The Globe and Mail reports in its Friday edition that more than four years after the Ontario Securities Commission first accused a trio of cannabis executives of fraud, an adjudication panel has suspended the case, saying the regulator's secrecy surrounding the hearing has made it impossible to mount a proper defence. The Globe's Jameson Berkow writes that the Capital Markets Tribunal, an independent division of the OSC, said it was forced to stay proceedings against Silvio Serrano, who was accused in 2019 of diverting over $3-million in investor funds alongside co-defendants Ben Ward and Peter Strang. The circumstances surrounding the proceedings included two high-profile murders, with one of the victims being a known Mafia figure. Mr. Serrano, Mr. Ward and Mr. Strang had co-founded Canadian Cannabis Corp. in 2014, raising $3.2-million in Canada. The company later ceased all operations. Part of the OSC case against Mr. Serrano was based on testimony provided by Mr. Ward in 2018. He told investigators his work history included the CIA. The OSC subsequently issued a confidential order requiring significant portions of Mr. Ward's testimony to be redacted before it could be shared with lawyers representing Mr. Serrano.

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