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TORONTO • An Ontario man facing charges in New York of masterminding the largest international penny stock fraud in history was thoroughly denounced in Toronto by the Ontario Securities Commission, Thursday, for approaching “a new standard” of predatory capital market fraud.

And for that, the OSC is asking that Sandy Winick, 55, be forever banned from securities trading and fined $1,250,000.

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Mr. Winick’s sales shenanigans “was extremely serious, openly dishonest, and resulted in behaviour that severely undermined confidence in the capital markets,” said Jon Feasby, senior litigator for the OSC in pressing the commission’s complaints.

“This was a scheme Mr. Winick ran and operated with a level of sophistication and an ongoing application of dishonest behaviour that really almost sets a new standard.”

He “simply cannot be trusted to deal in the capital markets.”

Mr. Winick was not present to hear the damning indictment, having been arrested in Thailand last month and facing extradition to the United States, where he awaits trial for a different investment scheme, but it seems unlikely he would have attended even if he was free to; he has snubbed the commission’s authority at most every turn.