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by Mike Caswell

The Ontario Securities Commission has, once again, fined Maurice Aziz, one of those banned in 2023 for a scheme with former TSX Venture Exchange listing First Global Data Ltd. that inflicted $4.4-million in losses on investors. The OSC says that it permanently banned Mr. Aziz for his part in the First Global fraud, but he remained a director or officer of seven companies. He continued in those roles until the OSC started asking about the directorships in 2025.

The fine for Mr. Aziz is contained in a decision that the OSC released on Wednesday, May 27. With Mr. Aziz already banned permanently, the regulator has imposed little in the way of new sanctions. It has ordered him to resign all roles that he holds as a director or officer and has directed Mr. Aziz to pay fines and costs totalling $29,757.

Wednesday's order is a footnote of sorts to the case that the OSC pursued against Mr. Aziz and others for the First Global scheme, which goes back to 2015. The OSC said that First Global raised $4.4-million through debentures that would supposedly pay 16 per cent. There were 90 investors, mostly in Ontario, who lost their entire investment, the OSC said.

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