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ARTICLE · 27 DECEMBER 2019

No Insider Trading Without Clear Evidence

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The Ontario Securities Commission (the "OSC") released its decision in a proceeding involving a former legal assistant ...

CanadaCorporate/Commercial Law
Guneev Bhinder
Guneev Bhinder
Adam Chisholm
Adam Chisholm
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The Ontario Securities Commission (the “OSC”) released its decision in a proceeding involving a former legal assistant (the “Assistant”) providing material non-public information (“MNPI”) to others.

OSC Staff reached a settlement with the Assistant with respect to the allegations against her. The proceeding continued against her contact, Cameron Cornish (“Cornish”), and his two friends Patrick Caruso (“Caruso”) and David Sidders (“Sidders”).

The OSC found that Cornish contravened the Ontario Securities Act1 (the “Act”) by engaging in insider trading in respect of two takeover transactions. The OSC dismissed the remaining allegations against Cornish and all of the allegations against Caruso and Sidders. The sanctions hearing is pending.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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