TORONTO, Dec. 19, 2025 /CNW/ - A panel of the Capital Markets Tribunal today approved the Ontario Securities Commission's (OSC) settlement agreement with Claire Drage (Drage) regarding a fraud by Drage and two companies under her ownership and control: The Lion's Share Group Inc. (Lion's Share Group) and The Windrose Group Inc. (Windrose Group). As such Mrs. Drage will be permanently banned from becoming or acting as a registrant or as a director or officer of any issuer.

Prior to their bankruptcy in 2024, Drage, Lion's Share Group and Windrose Group raised funds for Ontario real estate developers by issuing and brokering unsecured promissory notes. Despite knowing by 2021 that the borrowers faced serious liquidity issues and were overleveraged, Drage and her companies failed to disclose these risks and continued to solicit investments using misleading statements. Between 2021 and 2024, they raised over $285 million, leaving nearly $90 million owing to approximately 450 investors at the time of bankruptcy. Drage and the companies also sold these securities without meeting prospectus and registration requirements, depriving investors of critical protections.

"The settlement agreement reached today ensures that more investors will not be harmed by the actions of Mrs. Drage in the future, given her lifetime ban," said Bonnie Lysyk, Executive Vice President, Enforcement, OSC. "The OSC remains vigilant in its efforts to minimize fraud, and we will continue working to take action against bad actors to protect more investors from harm."

A copy of the settlement agreement is available on the website of the Capital Markets Tribunal.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

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SOURCE Ontario Securities Commission