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Canada’s OSC: The toothless, lazy and impotent watchdogs strut their stuff

Hey there Canadian readers, remember back on January 27th when I posted this on the blatant insider trading at Alamos Gold (AGI.to) and Plexmar Resources (PLE.v)? Well I’m not just mouthy here y’know, I actually sent the thing in to Canada’s OSC. For those unaware, the OSC is the Canadian version of the SEC, i.e. the people that are supposed to regulate the securities industry up there. The OSC’s track record is nothing short of abysmal, having (for example) managed to convict just two people in the last nine years. Not bad for one of the world’s most corrupt and crony-ridden capital markets, yeah?

So anyway, I’d all but forgotten that I had put in a complaint to the OSC when suddenly, today, five weeks later (!) I get a reply. Here it is below, but you can sum up Allan Krystie’s attitude in just one sentence:

“I don’t care, I’m doing nothing, stop bugging me.”
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Dear XXXXX: Thank you for your inquiry to the Ontario Securities Commission (OSC) concerning Plexmar Resources Inc. and Alamos Gold. We have forwarded your complaint to the enforcement branch of the OSC for further review. This may or may not result in an investigation; however, Commission staff do not generally comment on the existence, status, or nature of an investigation. The purposes of this practice are to protect the integrity of investigations, to ensure the complaint process is not used to affect the market and to provide fairness towards those who are the subject of investigations, but against whom proceedings may never be taken. If additional information is required from you, staff will contact you; however, you may hear nothing further.
Sincerely,

Allan Krystie
Senior Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314
1-877-785-1555

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Canada’s OSC = A Disgrace To Its Nation.

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