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Globe says OSC settles with blockchain's Tapscott

2019-05-14 08:40 ET - In the News

The Globe and Mail reports in its Tuesday edition that blockchain player Alex Tapscott has paid a $300,000 penalty and will teach ethics seminars to business students as part of his settlement with the Ontario Securities Commission over allegations that his venture capital fund's marketing materials were misleading. The Globe's Alexandra Posadzki writes that the settlement does not ban Mr. Tapscott from being a director or officer of a company. NextBlock Global Ltd., the fund that Mr. Tapscott co-founded and ran, has also paid a $700,000 penalty and $100,000 to cover the costs of the investigation. The total is $1.1-million. Mr. Tapscott has also voluntarily penned an open letter about the consequences of his misconduct. The fund, which was aiming to invest in public and private early-stage blockchain companies, raised $20-million in a private placement during the summer of 2017 and had planned to go public through a reverse takeover of a Toronto Stock Exchange-listed shell company that fall. The go-public effort was cancelled in November, 2017, after Forbes reported that four of the prominent blockchain figures listed as advisers in slides for NextBlock's investor deck had never agreed to act in those roles.

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