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Globe says OSC reaches settlement in blockchain tiff

2019-05-10 08:54 ET - In the News

The Globe and Mail reports in its Friday edition that blockchain player Alex Tapscott has reached a settlement with Ontario's securities watchdog after the regulator investigated allegations that he created misleading marketing materials when raising money. The Globe's Alexandra Posadzki and Tim Kiladze write that in a statement of allegations made public Thursday, the Ontario Securities Commission said that Mr. Tapscott and his venture capital fund, NextBlock Global Ltd., made statements in marketing materials that were "misleading or untrue or did not state a fact that was required to be stated or that was necessary to make the statements not misleading." Details of the settlement are not yet public. The fund, which was aiming to invest in public and private early-stage blockchain companies, raised $30-million in a private placement during the summer of 2017 and had planned to go public through a reverse takeover of a Toronto shell company that fall. The go-public effort was cancelled in November, 2017, after both CIBC and Canaccord Genuity withdrew as underwriters. A hearing will be held at the OSC on Monday to determine whether or not the settlement between Mr. Tapscott and the regulator should be approved.

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