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Commission imposes permanent market prohibitions, substantial administrative penalties, and disgorgement for egregious insider trading and tipping.
Following a merits decision finding multiple respondents liable for insider trading, tipping, and misleading Staff, the Ontario Securities Commission held a hearing to determine appropriate sanctions and costs.
The Commission ordered permanent market prohibitions against the tipper and the most egregious trader, along with substantial administrative penalties and costs.
Other respondents received 15-year market prohibitions with limited carve-outs, administrative penalties, and disgorgement orders.
The Commission emphasized the importance of general and specific deterrence, particularly given the respondents' roles as registrants and their efforts to conceal their misconduct.
