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Settlement agreement approved for legal secretary who engaged in insider trading, with increased administrative penalty.
The respondent, a legal secretary at a law firm, engaged in illegal insider trading over a three-year period using confidential information about merger and acquisition transactions.
She made a profit of approximately $51,500.
Staff of the Ontario Securities Commission and the respondent entered into a settlement agreement.
The Commission approved the settlement agreement but required an amendment to increase the administrative penalty to $103,137.22 (twice the profit made) and to permanently ban the respondent from becoming a director or officer of any market participant, emphasizing the serious nature of insider trading.
