The Financial Post reports in its Thursday edition that Canadian regulators and courts issued orders for restitution, compensation and disgorgement totalling nearly $110-million for white-collar crimes including fraud in the fiscal year ended in March, up from $59.2-million a year earlier.
The Post's Barbara Shecter writes that nearly $11-million of the latest total was ordered in no-contest settlements, in which the accused neither admit nor deny wrongdoing, according to figures released on Wednesday by the Canadian Securities Administrators.
In addition, the 13 provincial and territorial regulators that are members of the CSA imposed just over $77.5-million in fines, administrative penalties and other sanctions for securities law breaches, up from $65.6-million a year earlier.
Canada's securities regulators tend to only collect a fraction of the monetary sanctions imposed in contested cases against individuals. Collection rates are typically higher in cases where there are negotiated settlements.
"Imposing a monetary sanction and collecting are two entirely different matters," the CSA report acknowledged. "In some cases, monetary sanctions do not align with a person or company's ability to pay."
© 2019 Canjex Publishing Ltd. All rights reserved.