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 than compensating investors allegedly harmed by his actions, the regulator's claim ran afoul of the...