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by Mike Caswell

The Ontario Securities Commission has requested a permanent ban for Colin Heatherington, the Vancouver Island man serving 3-1/2 years in a U.S. prison for the $215-million Absolute Capital Management Holdings Ltd. fraud. (All figures are in U.S. dollars.) The OSC says that a permanent ban for Mr. Heatherington is in the public interest, citing the U.S. case against him. He admitted to a scheme in which he and others defrauded investors in eight hedge funds while realizing millions in personal gains.

The request from the OSC is contained in an application that the regulator released on April 10, 2026. Among other things, the OSC is seeking to permanently ban Mr. Heatherington from trading, serving as an officer or director, and acting as a promoter. The ban is to "protect investors and safeguard the integrity of Ontario's capital markets," the application states.

It is not clear from the application why the OSC is only pursuing the matter now, as Mr. Heatherington's actions date back to 2005. The case does, however, come with Mr. Heatherington scheduled to be released from a U.S. prison in a little over a year. He is being housed at FCI Texarkana, a low-security prison in Texas, and is scheduled for release on June 13, 2027.

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