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OSC ORDERS REAL ESTATE EXECS TO PAY $18M OVER FRAUD

Two former executives from the defunct real estate firm First Leaside Group must pay $18 million in penalties and restitution after Ontario’s securities regulator found they had defrauded investors by not disclosing a report critical of their business.

Founder David Phillips and salesman John Wilson have been ordered to pay back $16.6 million to investors, as well as costs and individual fines of $700,000 for Phillips and $400,000 for Wilson.

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