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Decision a cautionary tale for unregistered securities dealers

Monday, July 16, 2018 @ 8:38 AM | By Fraser McDonald

The decision of the Ontario Superior Court in Caldwell v. Baglione 2018 ONSC 3208, released on June 7, 2018, confirms that the consequences for those who engage in the business of the distributing securities without holding registration as a dealer or providing investors with a prospectus can be many and varied.

Winchester, an entity controlled by Baglione, and its affiliates (the Winchester Group) had engaged since 1999 in the business of distributing to the public investments in commercial real estate pursuant to a series of offering...