TORONTO, June 27, 2022 /CNW/ - The Capital Markets Tribunal has approved a settlement agreement to end proceedings between the Ontario Securities Commission ("OSC") and Stableview Asset Management Inc. ("Stableview") and its founder, Colin Fisher, over alleged portfolio mismanagement.
Mr. Fisher agreed that he deviated from certain parameters of his portfolio management agreements when investing his clients' money and these resulted in breaches of regulatory and administrative duties and obligations. Mr. Fisher maintained throughout that notwithstanding these admitted failures he was at all times acting to protect and enhance his clients' investments, and the OSC recognized in the settlement that investors may not suffer any losses and could in fact realize significant gains from the investments that were impugned in the proceeding. The settlement contains no findings of fraud or fraudulent intent. A class action that had previously been commenced against Mr. Fisher and Stableview was dismissed by the Ontario Superior Court of Justice because the Court concluded that "it now appears that [investors] have suffered no losses."
The settlement also recognizes that Mr. Fisher was candid with the OSC and cooperated with Stableview's Receiver throughout the investigation in the management of the investment portfolios now held by the Receiver. Mr. Fisher agreed to comprehensive bans from acting as a registrant, an investment manager, or a promoter, or as a director or officer of any registrant or investment fund manager. Mr. Fisher agreed to substantial monetary and other sanctions, including foregoing his own interests in Stableview's assets in order to benefit his clients. Once Mr. Fisher pays the monetary penalties, the terms of settlement permit him to work as a director and officer of an issuer other than a reporting issuer or registrant. In the meantime, Mr. Fisher will continue to offer his assistance and expertise to the Receiver in its management of the client assets.
SOURCE Lenczner Slaght
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