Bankish

Even though I never owned HCG, I followed the story the moment the OSC laid charges.  I felt it could be a great learning opportunity for myself.  (I don't, and never will claim to be the world's best investor)

I even referred back to the Canadian Securities Course text to find out about 51-102. 

Unfortunately, HCG was a great company. Why the board chose not to disclose the issue with their outside brokers is beyond me.  It really wasn't that big a deal. But they broke the law and the moment the OSC laid charges all confidence was lost in the management and the board. I also agree with you that the OSC shares some blame for taking as long as they did to lay charges. 

That is also why I read comments from commenters like you, Sandia, SFI, Sniktaw, Bazz, Ancientalso etc. These people have a lot of wisdom they are willing to share. 

Others on this comment thread, well, not so much.