Staff of the Ontario Securities Commission sought a reciprocal order under subsection 127(10) of the Securities Act against the respondent, who had entered into a settlement agreement with the British Columbia Securities Commission admitting to insider trading.
The respondent argued that reciprocating the order would be punitive and contrary to the public interest.
The Commission rejected the respondent's arguments, finding that the threshold for reciprocity was met and that an order was necessary to protect Ontario investors.
A reciprocal order was issued prohibiting the respondent from trading in securities or derivatives of any issuer he is in a special relationship with, and from acting as a director or officer of a public issuer, for a three-year period.
