Decision in brief: Pomroy, Enforcement Proceeding, Settlement, March 8, 2024

Citation and CanLII Link

Pomroy (Re), 2024 ONCMT 10

Adjudicators
Andrea Burke (chair of the panel), Mary Condon and William Furlong
Date of Reasons:
File Number:
2024-3
Hearing Type:
Settlement
Applicants / Respondents:
Raymond Pomroy

In this enforcement proceeding, OSC staff says that Raymond Pomroy violated Ontario securities law while he was the chief executive officer of SoLVBL Solutions Inc. SoLVBL raised $4 million through two private placements (financings) after publishing untrue statements in news releases. These statements made it seem that SoLVBL had a deal with an established international company. Instead, that company had recently been created by a founder of SoLVBL, had the same shareholders as SoLVBL, and hadn’t conducted any business.

Pomroy and OSC staff reached an agreement to settle the proceeding. The Tribunal approved the settlement. Pomroy will pay an administrative penalty of $75,000 and costs of $15,000. He is not allowed to be a director or officer of a public company for five years. Finally, Pomroy undertook to cooperate with OSC staff’s investigation and testify as a witness in this or any related proceeding.  

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