Regulators in Ontario have found that well-known financial author and broadcaster Brian Costello violated the province's securities rules.

In its decision, the Ontario Securities Commission found that Costello recommended investments without being registered as a financial adviser, in contravention of the Ontario Securities Act.

"His failure to make full, complete and conspicuous disclosure of his many conflicts of interest was contrary to the public interest," a three-member panel of the OSC said in its decision.

Brian Costello
Brian Costello

The panel has requested submissions from Costello's lawyer and OSC staff on what penalties he should face.

The OSC's case against Costello dates back to Jan. 10, 2002, when it accused him of recommending investments during his radio show, in his e-mail newsletter, and during investment seminars he led – all without being registered as an advisor.

Provincial regulators also accused him failing to disclose that he stood to benefit financially from the sale of specific securities he recommended or that he'd allegedly received money to publish articles in his newsletter which recommended the purchase of those specific securities.

Costellos has written several best-selling books on personal finance and tax planning. He also penned a weekly newspaper column that appeared in 60 papers around the country.

"I've given good quality advice for 30 years," Costello said in a radio interview last January, shortly after the OSC leveled its accusations.

"I won't be muzzled," he said at the time.