Alex Tapscott – head of the Blockchain-based firm NextBlock Global Limited – has reportedly agreed to hold a public settlement agreement with the OSC – The Ontario Securities Commission.

Previously, the OSC Staff of the Commission has accused Tapscott and NextBlock of providing “misleading” information during their presentation in a funding round, which reportedly helped them secure around $20 million from 113 “accredited investors”.Qua

Specifically, in one of the slides of the deck, which Tapscott used to demonstrate to said investors, NextBlock Global CEO has allegedly named many renowned individuals in the blockchain field, who have not agreed to be one of NextBlock advisors, as the firm has yet to notify them that they were chosen to be the project advisors.

Consequently, the OSC regulator staff believed that these investors have been “deprived of the opportunity to make a fully informed investment decision”.

After Forbes disclosed the details on the misrepresented advisors, NextBlock’s plan for its next move, including a second financing round along with a public listing, have reportedly been aborted. The $20 million funds have also been transferred back to investors. Kathryn Haun, Vinny Lingham, Vitalik Buterin and Karen Gifford – whose images were portrayed as a NextBlock investor – have reportedly denied being one.

The hearing between the OSC and NextBlock – which will take place on May 13th – will decide if the settlement is approved.

Earlier this year, The Ontario Securities Commission (OSC) has reportedly revealed that it could begin an investigation into the recent financial issue of crypto exchange QuadrigaCX. “Given the potential harm to Ontario investors, we are looking into this matter and have already been in contact with the monitor,” the OSC said to Reuter regarding the QuadrigaCX scandal.