Stéphane Gagnon sentenced to five years and ordered to pay over $7.75 million
Mr. Gagnon was found guilty by the Superior Court of Justice in Toronto and was sentenced to 5 years in jail less time served and was also ordered to pay back the whole net amount of the fraud totaling over $7.75 million. The court ordered restitution to the victims and a fine in lieu of forfeiture. If Mr. Gagnon does not pay the fine, he may serve additional time in jail.
"Today's decision is a significant outcome for Ontario's investors who were harmed by Mr. Gagnon's actions," said Bonnie Lysyk, Executive Vice President of Enforcement at the OSC. "Where the OSC sees evidence of harm, we will take action to protect investors, and the integrity of our capital markets. We are pleased with the judgment of the Superior Court and thank everyone involved in this case."
In an agreed statement presented to the Court, Mr. Gagnon admitted that between August 1, 2015, and May 31, 2021, he received more than $20 million from victims across Canada. He advertised to the public that he could help people access funds in their locked-in retirement accounts if they invested their money in his company. Mr. Gagnon accepted funds from more than 300 investors and then used a significant portion of the money for other purposes. He also admitted that he used forged lawyers' letters to attempt to continue his business relationship with one of the trust companies into which the victims' money had been deposited.
This case was brought by the OSC's Criminal Investigations & Prosecutions team, which is part of the Enforcement Division of the OSC. They investigate securities-related frauds, market manipulation, and related misconduct, including the investigation of repeat offenders and those who breach Capital Markets Tribunal or court orders and bans. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. To do this, they often partner and collaborate with other law enforcement agencies and police forces. Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets, and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
24 minutes ago
- Cision Canada
TERMINATION OF CALL OPTION AGREEMENT FOR RENARD PROJECT Français
MONTREAL, July 29, 2025 /CNW/ - Further to its announcement on 17 June 2025, Winsome Resources (ASX: WR1) (Winsome or the Company) advises that it has formally terminated the call option agreement (the Agreement) entered into with Stornoway Diamonds (Canada) Inc. (Stornoway) and 11272430 Canada Inc. in respect of the Renard Project. The Agreement provided Winsome with the right, but not the obligation, to acquire the Renard Project and associated infrastructure. As previously disclosed, the Company has been reassessing its strategic priorities in light of evolving lithium market conditions and broader macroeconomic considerations. Following a comprehensive evaluation, Winsome has determined not to proceed with the potential acquisition and has exercised its contractual right to terminate the Agreement in its current form. The Company remains focused on the advancement of its flagship Adina Lithium Project and continues to monitor sector conditions and assess opportunities aligning with its long-term strategy and capital allocation priorities. Given the Renard Project remains the most viable option in terms of operations, costs, and logistics, Winsome intends to continue to actively engage with Stornoway, the Quebec and Canadian governments, First Nations and other key stakeholders to explore opportunities to work together regarding the synergies between the Adina and Renard Projects. Winsome believes as long as the Renard site is not sold or rehabilitated, the Renard opportunity remains available to the Company and may be revisited in the future. Winsome will keep shareholders updated with respect to the Renard Project. To learn more about Winsome Resources, follow the link to the ASX release of July 29 th, 2025, This press release has been authorized for issue by the Managing Director of Winsome Resources Ltd, Chris Evans. ABOUT WINSOME RESOURCES Winsome Resources (ASX:WR1) is a lithium focused exploration and development company with several projects in the Eeyou Istchee James Bay region of Quebec, Canada. Our flagship project is Adina - a 100%-owned lithium resource considered a tier-one asset in a low-risk mining jurisdiction and one of the most capital efficient projects in North America with competitive operating costs. The hard rock spodumene lithium deposit is near surface with a +20-year project life and a NI 43-101 compliant Mineral Resource Estimate comprising a tonnage of 60.5 million tonnes at a grade of 1.14% Li 2 O in the Indicated category and 15.9 million tonnes at a grade of 1.17% Li 2 O in the Inferred category. In addition to its impressive portfolio of lithium projects in Quebec, Winsome Resources owns 100% of the offtake rights for lithium, caesium and tantalum from Power Metals Corp (TSXV: PWM) Case Lake Project in Eastern Ontario, as well as an equity stake in PWM (together with a right to be issued a further 17,650,000 common shares in PWM on completion of the sale of the Decelles and Mazerac projects). Winsome is led by a highly qualified team with strong experience in lithium exploration and development as well as leading ASX listed companies. CAUTION REGARDING FORWARD-LOOKING INFORMATION This document contains forward-looking statements concerning Winsome. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory, including environmental regulation and liability and potential title disputes. Forward-looking statements in this document are based on the Company's beliefs, opinions and estimates of Winsome as of the dates the forward-looking statements are made, and no obligation is assumed to update forward-looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
Cision Canada
24 minutes ago
- Cision Canada
Companies Struggle to Meet Rising Demand for Personalized Benefits, Aon Survey Finds
Global survey of benefits professionals found only 14 percent of multinationals have global guidelines in place to support personalization , July 29, 2025 /CNW/ -- Aon plc (NYSE: AON), a leading global professional services firm, today released its 2025 Global Benefits Trends Study, which finds that multinational companies are under mounting pressure to offer personalized, inclusive benefits – yet most lack the governance, tools or frameworks to deliver at scale. The study, based on responses from more than 500 global benefits professionals across 45 countries and 16 industries, reveals that only 14 percent of multinationals have global guidelines in place to support personalization, while 65 percent of employees at multinationals would trade current benefits for more choice. According to the study, cost management is the top priority for 70 percent of multinationals, with medical inflation cited as the key cost driver. But delivering employee value has surged to the forefront of the strategic agenda, now ranking among the top three objectives for benefits leaders. This disconnect underscores a new challenge for global benefits leaders: meeting rising employee expectations for flexibility while managing escalating costs. Seventy seven percent of survey respondents plan to negotiate their costs with existing benefits vendors and 67 percent plan to issue an RFP for benefits vendors. "Employees increasingly expect a consumer-grade experience when it comes to their benefits – one that offers meaningful choice, creates innovative solutions and aligns with their individual needs," said Michael Pedel, head of global benefits at Aon. "Companies are moving in that direction and communicating their progress, but must also manage the realities of cost and complexity. The opportunity lies in designing programs that deliver both value and efficiency at scale." Personalization and Inclusion: Expanding the Definition of Employee Value Personalization increasingly incorporates inclusive benefits that address the diverse needs of today's workforce. Aon's study found that nearly two-thirds of leading companies (a select group of respondents with mature governance structures, integrated data strategies and executive-level alignment) plan to expand offerings focused on families (54 percent), aging (39 percent), gender (39 percent) and employees at lower income levels (39 percent). To balance these investments, 25 percent of survey recipients said they would reduce levels for benefits that are less valued by employees. These efforts reflect a broader shift: as employees seek consumer-grade experiences, they also expect benefits that align with their individual circumstances and values. Personalized and inclusive benefits are also increasingly tied to wellbeing strategies, with 37 percent of companies actively considering initiatives that integrate health and work-life balance. Overcoming Barriers to Personalization While demand for personalized benefits is accelerating, most organizations face structural and operational challenges in scaling these offerings. While nearly half of companies have indicated that they already have a global benefits strategy, only 25 percent of global benefits leaders say their governance structure enables them to meet their objectives. By comparison, leading companies are three times more likely to have formal governance committees and twice as likely to centralize data and decision-making resulting in stronger alignment, cost savings and more stable benefits delivery. These top companies are also 67 percent more likely to have Global Benefits Centers of Excellence and three times more likely to have had their global benefits strategy and governance reviewed and endorsed by senior management, resulting in greater buy-in. Technology, including artificial intelligence, presents a significant opportunity to deliver employee value while creating cost efficiencies. Leading companies are more than twice as likely to use tech to enable personalized experiences. However, only one in six benefits teams currently use AI to support benefits design or delivery. That figure is expected to nearly triple by 2027, but adoption is still limited by legacy systems, governance challenges and organizational readiness. "This year's study confirms what many global benefits leaders already feel, expectations are rising, but the tools and governance structures to meet them haven't kept pace," said Pedel. "To deliver real value, organizations must think beyond cost containment. That means embracing personalization, investing in inclusive benefits, leveraging data and analytics, and using technology and governance as strategic enablers. The companies that do this well aren't just managing benefits, they're shaping the future of work." The 2025 Global Benefits Trends Study surveyed 518 global benefits professionals across 45 countries and 16 industries between January 27 and February 28, 2025. Read the full study here. Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. Media Contact [email protected] Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114 International: +1 312 381 3024 SOURCE Aon plc
Winnipeg Free Press
24 minutes ago
- Winnipeg Free Press
Free trade carveouts key in potential deal between U.S. and Canada: business groups
Business leaders and academics say they hope to see Canada and the U.S. maintain free trade protections for most goods once an agreement is reached, even if the negotiations can't stave off certain sectoral tariffs. It's unclear if the two countries will stick to the Aug. 1 deadline for wrapping up talks, as Prime Minister Mark Carney said Monday negotiations were in an 'intense phase' but U.S. President Donald Trump told reporters last week that Canada wasn't a priority for his administration. Whether a deal is announced Friday or later, Canadian Federation of Independent Business president Dan Kelly says his organization's members feel 'a good chunk' of trade must remain tariff-free in order for talks to be considered successful. He says it wouldn't be a win for Canada if the trade agreement ends up looking similar to the deal struck by the U.S. with the European Union on Sunday. That framework imposes a 15 per cent tariff on most goods imported into the U.S., including European automobiles, and no carveouts for key products like pharmaceuticals and steel. Monday Mornings The latest local business news and a lookahead to the coming week. Kelly says Canadian business leaders will also be watching to find out what levies will remain on imports from the U.S., noting Canada's ongoing retaliatory tariffs 'are really crippling small businesses even more than the U.S. tariffs.' This report by The Canadian Press was first published July 29, 2025.
