BCSC Revises Market Manipulation Disgorgement Order

BCSC News Releases

Filed March 17th, 2026

Detected March 18th, 2026

Summary

The BC Securities Commission (BCSC) has revised a market manipulation disgorgement order against Robert Leyk, changing the original joint and several order from $7.3 million to an individual $1.9 million disgorgement. This revision reflects prior adjustments made to sanctions for other participants in the scheme.

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What changed

The BC Securities Commission (BCSC) panel has revised a financial sanction imposed on Robert Leyk, a participant in a market manipulation scheme. The original joint and several disgorgement order of $7.3 million has been revised to an individual disgorgement order of $1.9 million. This adjustment aligns Leyk's sanction with revisions made in 2018 to the orders of other respondents in the same scheme, following a B.C. Court of Appeal decision that set aside the original joint and several order.

This revision is critical for the BCSC to file a proof of claim in Leyk's ongoing bankruptcy proceedings initiated in January 2025. Regulated entities involved in similar market manipulation schemes should note the BCSC's commitment to recovering disgorged funds, even in bankruptcy cases. While no new compliance actions are mandated by this specific revision, it underscores the importance of accurate record-keeping and adherence to disgorgement orders to avoid further financial penalties and complications.

What to do next

Review BCSC decision 2026-BCSECCOM-83 for details on the revised disgorgement order.
Assess any potential impact on existing market manipulation compliance policies and procedures.
Ensure accurate tracking of all financial sanctions and disgorgement orders issued by regulatory bodies.

Penalties

$1.9 million disgorgement order

Source document (simplified)

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News Release

BCSC revises disgorgement order in market manipulation scheme

### Date:

2026-03-17
- ### Number:

2026/015

Vancouver – A BC Securities Commission (BCSC) panel has revised a financial sanction imposed on a participant in a market manipulation scheme, to reflect a 2018 revision of sanctions on other participants in the scheme.

The panel changed the original $7.3 million joint and several disgorgement order against Robert Leyk and other respondents to a $1.9 million individual disgorgement order.

The original joint and several disgorgement order was appealed by some of Leyk’s co-respondents in that case, but not by Leyk. The B.C. Court of Appeal set aside the disgorgement order and directed the BCSC to reconsider it. The Commission hearing panel subsequently revised the disgorgement orders for the appellants.

Since Leyk did not participate in the appeal, the disgorgement order imposed on him was unaffected by the court decision and the subsequent revision by the BCSC panel. However, in 2019, the panel issued a stay of Leyk’s disgorgement order until either he or the BCSC’s Executive Director made an application to lift the stay or to revise or revoke the order.

Leyk entered bankruptcy proceedings in Alberta in January 2025. The BCSC intends to file a proof of claim for the disgorgement order in those proceedings, but needed to establish the appropriate amount ($1.9 million) before doing so.

The BCSC Executive Director applied to the panel in July 2025 to lift the stay and revise the order. Leyk did not provide evidence or submissions in response.

About the BC Securities Commission (bcsc.bc.ca)

The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.

Media Contact:
Brian Kladko
604-899-6713

Public inquiries:
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inquiries@bcsc.bc.ca

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