A Panel of the Ontario Securities Commission (OSC) has approved a settlement agreement with Alex Tapscott and NextBlock Global Limited (NextBlock) in connection with misleading statements they made in offering memoranda provided to prospective investors in 2017.
As a part of the settlement, NextBlock has agreed to pay an administrative penalty of CAD $700,000 plus $100,000toward the costs of OSC Staff’s investigation. Additionally, Tapscott will pay an administrative penalty of $300,000.
The settlement also reflects that Tapscott has voluntarily declined approximately $3M in carried interest that he was entitled to based on NextBlock’s profits.
In settling this matter, Tapscott and NextBlock (the respondents) admit they made misleading statements in slide decks provided to more than 100 prospective investors in a private placement that raised approximately $20 million from 113 accredited investors over a two-month period in June and July 2017. The slide decks were the only materials provided to investors, and positioned prominent blockchain figures as NextBlock’s advisors when, in fact, these individuals had not agreed to act as its advisors and had not consented to being included in the slide decks. Of note, one individual had never been approached by Tapscott to act for NextBlock in any capacity.
“We will not tolerate market participants who play fast and loose with the facts when providing offering memoranda to prospective investors, including marketing decks,” said Jeff Kehoe, Director of Enforcement at the OSC. “This dishonest behaviour robs investors of the opportunity to make informed investment decisions and undermines confidence in our markets.”
Tapscott has also agreed to perform community service by delivering ethics presentations to students at Canadian business schools, which will highlight the importance of complying with Ontario securities law. Additionally, Tapscott offered to publish an open letter about the impact and consequences of his misconduct in a national news publication. OSC Staff accepted this offer, and included it as a term of the settlement. Together with a significant monetary sanction, these terms serve to deter other market participants from engaging in similar misconduct.
“This settlement reinforces an important message: We will take action to address misleading disclosure and the serious harm it causes to Ontario investors and our markets, even if investors suffer no financial losses,” added Mr. Kehoe.
The OSC appreciates the assistance of the U.S. Securities and Exchange Commission in the investigation of this matter.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, 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 http://www.osc.gov.on.ca.
SOURCE Ontario Securities Commission
Supply Chain Management Association Becomes Supply Chain Canada
At its AGM yesterday, the Supply Chain Management Association announced its name change to Supply Chain Canada. The association also launched a new website as part of an overall rebranding initiative.
“The new name and look are part of a transformation that we have undertaken as the association enters its second century,” said Christian Buhagiar, President & CEO of Supply Chain Canada. “Today’s supply chains are dynamic and fast-paced. The association for Canada’s supply chain professionals must reflect that.”
Through the rebranding process, the association has also acquired a meaningful new logo and tagline, “Professionals advancing the future.”
The logo’s maple leaf design not only conveys our nationality; it also represents the connectedness of the supply chain, illustrating the networks and collaboration that are so essential to supply chain success, and the interconnectedness of the association’s federation, institutes and members. Its connected dots can be seen, as well, as the complex route of a global supply chain.
“Professionals advancing the future” succinctly communicates both the professional status of supply chain practitioners and their forward-looking perspective. It is intended to:
- Elevate the perception of supply chain practitioners as professionals, acknowledging the value they bring to their organizations and to the Canadian economy.
- Encompass the several ways that the association and its members “advance” – in their personal careers and knowledge, and for the profession, the country and the economy.
- Express the future focus of the association – with its emphasis on the development of skills and policies – and of the supply chain itself, now so focused on AI, blockchain, robotics, automation and so on.
The new website, now at www.supplychaincanada.com, is enhanced with a modern look and new functionality that enables location-based content for users across Canada.
These changes are not simply style enhancements. They are part of a larger plan to strengthen the association. Supply Chain Canada consolidates the organization’s brand across the country under a single name in every province and territory, removing any possible confusion from its federation structure. “The unity that this will ensure will help us improve recognition in the sector, and thereby provide stronger leadership to the Canadian supply chain community,” said Buhagiar.
The association’s transformation began in 2018 with a new vision and mission, as well as an ambitious three-year strategic plan. The new name and rebranding announced yesterday are part of a larger evolution that will continue over the next two years with the introduction of new and revised educational offerings, new initiatives to engage with industry, more value-added membership benefits and more.
SOURCE Supply Chain Canada
Export Portal to Address Best Practices in Sustainable Trade Facilitation at the Asia-Pacific Trade Facilitation Forum
Export Portal CEO Ally Spinu will be adding her take on the alignment of trade facilitation and sustainable development goals at a session at the 9th Asia-Pacific Trade Facilitation Forum (APTFF) in New Delhi.
“The Asia-Pacific region is a wealth of unexplored opportunities which lay deep in the communities of local businessmen and women that just need support in bringing their amazing products to the world to see and buy,” Ms. Spinu said. “I am looking forward to this event and being a part of the change that will help local businesses from this part of the world sell their products globally. I deeply believe that shifting attention to developing SMEs is the major change international trade and local economies have been waiting for.”
This year’s APTFF will focus on how digital and sustainable trade facilitation measures and practices can bring prosperity in the Asia-Pacific region. The forum will investigate opportunities from trade digitalization for sustainable progress of the area and challenges ahead in materializing such opportunities. APTFF will feature panel discussions as well as interactive and informative sessions. These sessions will allow participants to share experiences and perspectives on different aspects of trade facilitation, including trade finance, cross-border eCommerce and paperless trade, transit, innovative application of emerging technologies, and more. APTFF will bring relevant regional initiatives and implementation cases to each session, making it a unique opportunity to share knowledge and practical lessons. The forum will also include many side-events providing a more in-depth exploration of the pertinent trade facilitation issues.
“Agricultural products are the fastest category and industry growing within Export Portal, and I can say that is just natural that SMEs around the world are actively looking for new ways for selling their products around the world,” Ms. Spinu said. “The role of innovative technologies such as Export Portal is crucial in helping these SMEs integrate within the world supply chain of food with ease and at optimal costs. I want to explain the current issues existing within SMEs’ integration in international trade due to the high cost involved and how technology slowly but surely changes this.”
Export Portal’s trade goals align directly with the purpose of this session, as its international B2B trade platform is an affordable and all-encompassing solution for SMEs all over the world. The features that are available and being developed on Export Portal, such as the panel of experts (EP+), the educational hub (EPU), and data flow insights (EPI), provide SMEs with the resources they need to trade effectively on an international scale safely, securely, and efficiently.
The Digital and Sustainable Trade Facilitation for Regional Prosperity session is co-organized by ADB, ESCAP, Ministry of Commerce, India and Confederation of Indian Industry and will be held on Wednesday, September 18, from 9:00 to 10:45 AM.
SOURCE Export Portal
Crypto.com Lists Lisk (LSK)
Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has listed Lisk (LSK) to its App. LSK joins a growing list of cryptocurrencies and stablecoins on the Crypto.com platform, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, TrueUSD (TUSD), PAXOS (PAX), and its own MCO and CRO Tokens.
With LSK added to the Crypto.com, users can now purchase it at true cost with no fees – credit card and bank transfer both supported. As Crypto.com also offers the MCO Visa Card, this adds additional utility to LSK as users can easily convert cryptocurrencies into fiat currencies and spend at over 40m merchants globally.
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