[James Turner] said [Eugene Melnyk]'s behaviour was "below the standard we expect ... of a person in his position."

"I am very pleased that all issues raised by staff of the OSC relating to me concerning trusts that I established more than a decade ago have now been resolved. This settlement has been reached following a lengthy and detailed examination of these issues by staff," Melnyk said in a statement.

The financial part of the OSC's sanction includes $750,000 in administration fees and $250,000 towards the cost of the OSC's investigation and he has agreed to co-operate, if called upon, in the OSC's actions against others named in the same statement of allegations.