[66] It is a privilege, not a right, to participate in the capital markets.
[67] The activities of each of McLeary, Hainey and Williams were key to carrying out the Sungro manipulation. All three of them were active capital market participants at the time of the manipulation. McLeary’s contravention of section 168.1(1)(a) is also a serious contravention and demonstrates his lack of integrity.
[68] The continued participation of any of McLeary, Hainey and Williams in our capital markets presents a significant ongoing risk to investors and those markets. For this reason we have ordered permanent prohibitions against each of them under sections 161(1)(b)(ii), (c) and (d).
[...]
[86] The orchestrated nature of the Sungro manipulation resulted in the rapid increase of the share price of a virtually worthless company and the opportunity for McLeary, Hainey and Williams to make further profit from the sale of McLeary’s and Hainey’s remaining free Sungro shares. Given these circumstances, it is appropriate for reasons of both specific and general deterrence to assess a significant administrative penalty against each of McLeary, Hainey and Williams. Given their equal culpability and considering it to be in the public interest, we order each of McLeary, Hainey and Williams to pay an administrative penalty of $700,000 for their respective contraventions of section 57(a).
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