Two Canadian Executives Jailed for Securities Law Violations

On November 21, the Ontario Securities Commission (OSC) announced that Michael Aonso was sentenced to 90 days in prison for conducting unregistered trading activities and illegally distributing securities of Strike Holdings Inc.

Aonso served as the executive at both Strike Holdings and another related company, KM Strike Management (KMSM). He was charged alongside Kevin Carmichael, another executive at both firms.

The Criminal Investigations & Prosecutions team within the OSC's Enforcement Division investigates securities fraud, market manipulation, and other misconduct to protect investors. This team uncovered the illegal activities during its investigation of the two individuals.

On November 11, 2024, Aonso pleaded guilty in Ontario court and was sentenced to 90 days in prison.

On January 8, 2025, Carmichael pleaded guilty to misleading investors and committing securities fraud. He was sentenced to four years in prison and ordered to pay $22.75 million in restitution.

Bonnie Lysyk, Executive Vice President of Enforcement at the OSC, stated that Aonso and Carmichael prioritized personal gain over the interests of Ontario investors. They violated registration and prospectus requirements, facilitated fraudulent activities, and caused innocent investors to lose millions in savings.

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