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by Mike Caswell

The Ontario Securities Commission has imposed a permanent ban on Ron Carter Hew, a North York man who violated a prior 15-year ban he received after inflicting $600,000 in losses on investors. The OSC says that Mr. Hew's prior ban, which was handed down in 2005, barred him from nearly all trading. In violation of that ban, he opened a trading account in 2012 and executed hundreds of trades, according to the OSC.

The permanent ban for Mr. Hew is contained in an administrative order that the OSC released on Monday, Jan. 26. The OSC has barred him from trading in securities or derivatives, from serving as an officer or director, and from working as a promoter. In addition to the permanent ban, the OSC has ordered Mr. Hew to pay a $100,000 fine and $38,282 in the OSC's costs.

The events at issue go back to 2001, when Mr. Hew left his job as a computer technician to begin trading on behalf of people he met through social events. According to a settlement agreement from 2005, Mr. Hew directed trading in the accounts of others in an arrangement that was to see him receive 20 to 30 per cent of any trading profits. The investors, who Mr. Hew met at church, sports and his condo, provided him with the passwords to their trading accounts, the OSC said.

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