Firm fined over missed deadline
A Toronto investment fund management company has been handed a $10,000 fine by the Nova Scotia Securities Commission for failing to file its paperwork on time.
Return on Innovation Advisors Ltd., formerly known as Return on Innovation Management Ltd., agreed to the penalty as part of a settlement agreement approved Friday by a panel chaired by commission member Valerie Seager.
Return on Innovation is the trustee and investment fund manager of four issuer investment funds.
According to the settlement agreement, the company breached securities rules by failing to file reports of exempt distributions within the required time frame.
The company made 65 sales of its funds to Nova Scotia investors from February 2008 to February 2011.
In 35 cases, the company failed to make its filings within the required 10 days.
The total amount of the distributions involved was $965,927.
The commission said all of the investors did qualify for the exemptions on the sales.
Return on Innovation has since filed all the reports.
“The company accepted responsibilty for its conduct and was co-operative with commission staff,” the securities body said in a news release.
“Since the violation, Return on Innovation Advisors Ltd. has reviewed its policies and procedures to ensure future filings will be submitted on time.”
The settlement agreement was reached Jan. 21 between ROI president David Sharpe and the commission’s director of enforcement, Scott Peacock.
The deal also requires the company to pay the $1,500 cost of the commission’s investigation.
Meanwhile, the commission has scheduled a hearing for next Thursday to consider a proposed settlement agreement involving Ucore Rare Metals Inc. of Bedford.
The nature of the alleged securities breach wasn’t disclosed in a notice of hearing issued Wednesday.
Ucore reached the agreement with commission staff on Jan. 23.