Bahamas rejects Ontario Securities Commission bid to enforce $20m penalty

The Ontario Securities Commission has ordered former Bay Street fund manager Wayne Pushka and his company to pay over C$20m but the Supreme Court of the Bahamas has ruled that the penalty cannot be enforced on the Bahamian resident. Justice Winder ruled that the C$20m sanction against Wayne Pushka, former chief executive of a Canadian investment management firm, was a government penalty and therefore not enforceable in the jurisdiction. Because the funds would go to the regulator rather...