OSC v. Aly Babu Husein Mawji (pump and dump, 2019)

Judgment entered

✓ Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In 2019 the Ontario Securities Commission, in an expedited inter-jurisdictional proceeding, imposed permanent market bans on Aly Babu Husein Mawji, who had been convicted in Germany of illegal market manipulation for a 2006 share-promotion scheme and sentenced to three years and two months in prison. The Tribunal decision of December 3, 2019 imposes no monetary sanction.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the regulator announced this matter on October 11, 2019 as release 2019-38. The respondents named are Aly Babu Husein Mawji (1 individual, 0 entities). The action was brought in the Capital Markets Tribunal (Ontario).

The OSC matter reciprocates a German conviction. The German courts found that in 2006 Mawji acquired almost all of the freely traded shares of a company, passed half to an associate who promoted it through financial journalists without disclosing the holders, and sold at a profit of about EUR 25.7 million as the price rose from EUR 2.10 to EUR 18.10 before collapsing. The Stuttgart District Court convicted him on October 12, 2012 and the Federal Court of Justice rejected his appeal in December 2013. The respondent did not take part in the Ontario proceeding, and on December 3, 2019 the Tribunal ordered permanent trading, acquisition, officer-and-director and registrant/promoter bans. This library tags the matter as pump and dump.

The conduct is recorded against equities.

The underlying German prosecution is a separate criminal matter; the Ontario order follows from the conviction rather than re-deciding the facts.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Pump and dump — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2019-10-10 Statement of Allegations
2. 2019-10-11 Notice of Hearing
3. 2019-12-03 Reasons and Decision
4. 2019-12-03 Reasons and Decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• Tribunal proceeding
• Statement of Allegations
• Notice of Hearing
• Reasons and Decision
• Reasons and Decision

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.