Daniel St-Jean, a sales representative with EXP Realty, is under investigation by the OSC for allegedly ‘trading securities without registration’
Daniel St-Jean, who has never been licensed to sell securities, was ordered on Aug. 9 to stop trading until at least March, 2025.A realtor who raised more than $25-million in promissory notes from small investors for a series of stalled real estate projects has been ordered by Ontario’s Capital Markets Tribunal, a division of the Ontario Securities Commission, to stop all trading in securities for his companies.
According to an affidavit from Andrew Gordon, forensic accountant in the enforcement division of the Ontario Securities Commission, the OSC interviewed more than 70 investors and found that in one case Mr. St-Jean raised at least $12-million by selling 139 promissory notes . In another case the AETOS company and Mr. St-Jean raised $13.5-million from 109 investors for a stalled housing project in Hantsport, N.S.
“We have been getting bi-weekly or weekly e-mails from Daniel with some really random updates,” she said. “One excuse after another and for over a year now … the last one was almost threatening.” Many of the investors who spoke with The Globe heard about Mr. St-Jean through The REITE Club, an organization he co-founded in the Hamilton area where so-called experts in real estate investment could network and share ideas. Members say former mortgage broker Claire Drage – who raised more than $130-million in private mortgages and promissory notes for the insolvent real estate business of former child actorThe evidence gathered by the OSC alleges that Mr.
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