The Ontario Securities Commission has reprimanded and penalised Pasqualino Novielli, Brian Patrick Moloney, Zaida Pimentel and Goldpoint Resources Corporation for a $1.69 million fraud against 110 investors. In its Reasons For Decision On Sanctions and Costs (PDF), the commission found that the respondents illegally sold Goldpoint securities, while knowing that the company had no legitimate business operations, then used the funds for personal expenses. "The commission found that the respondents were involved in a fraudulent scheme to market and issue securities of Goldpoin," OSC Commissioner Mary G. Condon said in her decision. "The Respondents actively promoted and solicited investments in Goldpoint, traded previously unissued Goldpoint shares and raised $1,696,750 from over 110 investors without meeting registration and prospectus requirements" Additionally, when Goldpoint promoted its shares and solicited investors, the firm made prohibited representations that it would be
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