Shocking NEW Allegations of CORRUPTION at the Canadian Securities Exchange are arising daily.
Multiple confidential sources report to us that Richard Carleton CEO of Canadian Securities Exchange and James Black, “partied” at a Strip Club in Montreal – with lap dances paid for by sleazy stock promoters and CEO’s of CSE-listed Cannabis issuers that later collapsed over 95%.
These sources allege that “lap dances” by nude female entertainers were paid for by stock promoters and CEO’s of cannabis issuers and provided to Richard Carleton and James Black. This occurred in Montreal, Canada following a Formula One race.
The allegations of Stock Promoters, and Cannabis CEO’s providing gifts, bribes, or sexual-related services to CSE officials such as Richard Carleton – who are charged with REGULATING these individuals and their companies raises serious issues of Undue Influence and Conflcts of Interest.
A pattern is emerging….
Richard Carleton was photographed with Peter Nygard a notorious Rapist and Pedophile with over 100 female victims. Some of Peter Nygard’s victims are as young as 10 years old. Peter Nygard is serving a prison term in Canada and awaiting extradition to the US on Sex Trafficking charges.
Public charging documents filed by the U.S. Department of Justice (DOJ) include allegations that Mr. Nygard engaged in sex trafficking and, among other things, provided victims to business associates and friends. While we are not asserting any wrongdoing by RIchard Carleton in regarding to Peter Nygard relationship, the existence of such associations raise concerns. Especially when consodering taht Peter nygard was known as a Sex Offender in Canada for DECADES.
Yet, Richard Carleton brazenly posts a photo of himself with a Sex Offender on the CSE instagram account (as of March 2026) – as if to brag “I’m Above the Law”.
We have reached out to Richard Carleton, his wife, and CSE officials for comment on the Peter Nygard relationship multiple times – and have been met with silence. WHAT ARE THEY HIDING? This is a serious matter of public interest, and the public deserves answers.
New whistleblowers and confidential sources are contacting us on a weekly basis with more disturbing reports about corrupt officials at the Canadian Securities Exchange, such as Mark Faulkner, Rob Cook, and Richard Carleton.
If you have reports of misconduct by CSE officials or any other wrongdoing, please contact:
JM@ WallStreetReporter.com
All reports and identities of sources will be CONFIDENTIAL.
Below is a formal investigation request filed with the OSC and BCSC.
JOINT REGULATORY COMPLAINT
DATE: March 30, 2026
Undue Influence, Conflicts of Interest, and Recognition Order Breaches
To:
- Ontario Securities Commission – Enforcement Division
- British Columbia Securities Commission – Enforcement Branch
Re: Request for Investigation – Canadian Securities Exchange
1. Introduction
This complaint requests investigation into potential undue influence, conflicts of interest, governance failures, and breaches of recognition order obligations involving senior leadership of the Canadian Securities Exchange, including:
- Richard Carleton
- James Black
- Mark Faulkner
2. Source of Information and Confidentiality
This complaint is based on multiple independent sources who have requested confidentiality due to fear of professional and economic reprisals.
I have personally experienced what I believe to be retaliatory conduct connected to raising concerns involving CSE matters.
3. Summary of Allegations
There are credible indications that senior CSE personnel, including
Richard Carleton and James Black, may have accepted lavish entertainment and hospitality from:
- Cannabis company CEOs
- Cannabis-sector promoters
- Stock promoters and investor relations firms
- Other regulated market participants
Specifically, information suggests that:
- Following a Formula One race weekend in Montreal
- Certain CSE leadership, including the individuals named above, attended strip club venues
- Expenses for entertainment, including “private dances”, were paid for or arranged by promoters, issuer representatives, or associated intermediaries
4. Undue Influence and Improper Inducements
If substantiated, this raises concerns regarding:
- Improper inducements
- Undue influence over listing and regulatory decisions
- Compromised independence of exchange functions
5. Recognition Order Breaches
Potential breaches include:
- Failure to act in the public interest
- Inadequate conflict of interest controls
- Failure to maintain fit and proper leadership
- Weaknesses in systems of supervision and governance
6. Pattern of Conduct
Concerns should be evaluated alongside:
- Delayed disclosure of key documents
- Questions regarding timing/authenticity of materials
- Lack of transparency in decision-making
6A. Market Manipulation Risk and Gatekeeper Failure
The involvement of stock promoters raises risks of:
- Misleading promotional activity
- Artificial price inflation
- Pump-and-dump dynamics
These concerns engage provisions such as Section 126.1 of the Ontario Securities Act and similar provisions under the British Columbia Securities Act.
6B. Investor Harm
- Many cannabis stocks declined 90%+ from peak levels
- Billions in investor capital destroyed
This raises questions about oversight and promotion-driven activity.
6C. Selective Treatment, Prior Regulatory Findings, and Potential Willful Blindness
There are serious concerns regarding selective enforcement, preferential treatment, and potential willful blindness in the CSE’s oversight of certain stock promoters.
In particular, George Tsiolis has been the subject of regulatory action by the Ontario Securities Commission, which found that his conduct did not comply with Ontario securities law and/or was contrary to the public interest, resulting in sanctions and financial penalties.
Despite this history, there are indications that Mr. Tsiolis has continued to actively promote issuers listed on the Canadian Securities Exchange, including issuers that have subsequently experienced severe and repeated share price collapses—often exceeding 90% from peak levels—resulting in substantial retail investor losses.
There are also indications of ongoing personal or professional familiarity between Mr. Tsiolis and certain CSE regulatory personnel, including:
- Mark Faulkner
- Rob Cook
While I am not asserting the existence of improper relationships as a matter of fact, the appearance of such proximity raises concerns regarding:
- Potential preferential treatment
- Conflict of interest safeguards
- Independence of regulatory decisions
Why was enhanced scrutiny not applied to a known promoter with prior regulatory findings operating within a high-risk segment of the public markets.
Director and Officer Suitability
Regulators should consider whether the following remain “fit and proper”:
- Richard Carleton
- James Black
- Mark Faulkner
Including consideration of removal or replacement if warranted.
6D. Judgment, Associations, and “Fit and Proper” Considerations
In assessing whether senior leadership of the Canadian Securities Exchange
meets the required “fit and proper” standard, regulators may also consider issues relating to judgment, associations, and professional conduct.
There have been publicly referenced instances in which Richard Carleton
has been photographed or present in social or professional settings with Peter Nygard,
an individual who has been the subject of criminal proceedings and serious allegations.
Public charging documents filed by the U.S. Department of Justice (DOJ) include allegations that Mr. Nygard engaged in sex trafficking and, among other things, provided victims to business associates and friends. These are allegations contained in an indictment and are not findings of guilt.
While I am not asserting any wrongdoing by any other individual arising from such interactions, the existence of such associations—if verified—may be relevant to:
- The exercise of judgment expected of senior regulatory leadership
- The need to maintain reputational integrity and public confidence
- Whether leadership demonstrates the standards required under “fit and proper” obligations
Regulatory Relevance
Recognition orders require that exchange leadership:
- Act with integrity and sound judgment
- Maintain public confidence in capital markets
- Avoid circumstances that may reasonably raise concerns regarding reputation or suitability
In this context, regulators may consider whether:
- Such associations, combined with the other concerns outlined in this complaint,
- Contribute to a broader pattern relevant to fitness, independence, and judgment
EXHIBIT A: Photograph of Richard Carleton with Peter Nygard
United States Department of Justice, indictment of Peter Nygard (S.D.N.Y.)
https://www.justice.gov/usao-sdny/press-release/file/1344961/dl
6E. Personal Promotion Activity, Conflicts of Interest, and Recognition Order Compliance
There are additional concerns regarding the conduct of Mark Faulkner, Vice President of Regulation at the Canadian Securities Exchange.
It has been observed that Mr. Faulkner has publicly commented on and/or promoted certain cannabis issuers and other market participants on personal social media accounts, including Twitter (X). These issuers have subsequently declined more than 95%. Mr. Faulkner also follows the social media of a stock promoter, Chris Parry. Chris Parry is the only stock promoter account followed by Mark Faulkner, and they are personal friends. Mr. Parry has filed complaints with Mark Faulkner about his competitors, which raises conflict of interest concerns. While such activity may be publicly visible, it raises questions regarding:
- The appearance of partiality in relation to issuers, and stock promoters subject to exchange oversight
- Whether such communications are consistent with expectations of regulatory neutrality and independence
- The adequacy of internal policies governing public commentary by regulatory personnel
EXHIBIT B: Mark Faulkner twitter post on cannabis issuer MedMen
Recognition Order Implications
Recognition orders applicable to exchanges require that:
- Regulatory functions be carried out with independence, integrity, and in the public interest
- Conflicts of interest be identified, managed, and disclosed
- The exchange maintain effective systems of supervision and control over its personnel
In this context, public promotion or commentary by a senior regulatory official on issuers under the exchange’s oversight may raise concerns regarding:
- Actual or perceived conflicts of interest
- Whether regulatory decisions are made independently of personal views or relationships
- The sufficiency of internal controls governing employee conduct and communications
Forensic Review Request (Conflicts and Trading Activity)
Given the above, it is respectfully requested that the Ontario Securities Commission and
British Columbia Securities Commission include within their forensic review:
- Personal and related-party trading activity of Mark Faulkner, including accounts held by immediate family members or affiliated entities. At least one relative of Mark Faulkner is engaged in capital markets activities. Adam Faulkner is a stockbroker at RBC in Ontario.
- Compliance with pre-clearance, disclosure, and blackout requirements (if applicable)
- Social media activity and communications relating to CSE-listed issuers
- Internal records concerning conflict of interest disclosures and approvals
Regulatory Significance
While I am not asserting that any improper trading or conduct has occurred, the combination of:
- Public commentary or promotion of issuers
- A senior regulatory role overseeing those issuers
- The absence of transparent disclosure regarding potential conflicts
raises legitimate concerns regarding:
- Impartiality of regulatory oversight
- Integrity of exchange governance
- Compliance with recognition order requirements relating to conflicts and supervision
These issues warrant careful review to ensure that the exchange’s regulatory functions are being exercised independently, consistently, and in the public interest.
6F. Independent Monitor and Oversight
Regulators should consider:
- Appointment of an independent monitor
- Creation of an oversight committee
- Enhanced compliance controls and audits
7. Forensic Review Request
Request review of:
- Expense records
- Communications
- Travel and event records
- Compliance disclosures
8. Quasi-Criminal Consideration
If evidence supports:
- Consider quasi-criminal enforcement
- Referral to Royal Canadian Mounted Police
9. Conclusion
These issues raise serious concerns regarding:
- Undue influence
- Conflicts of interest
- Regulatory failure
- Investor harm
I respectfully request prompt investigation.
Sincerely
Jack Marks,
Managing Editor WallStreetReporter.com
https://www.youtube.com/@PennyStockDetective
212-871-2057 ext 7
Exhibit A:
Photograph of Peter Nygard (l) and Canadian Securities Exchange CEO Richard Carleton (r)
Exhibit B: mark Faulkner Twitter account
CSE Richard Carleton Montreal Strip Clubs Complaint OSC BCSC