On March 25, 2015, the Ontario Securities Commission (OSC)
released its decision in the closely watched administrative
proceedings against a number of individuals including Mitchell
Finkelstein, former partner of a downtown Toronto law firm, for
contravening the tipping and insider trading prohibitions of the
Ontario Securities Act. Notably, the decision represents a
successful action for tipping and insider trading based almost
entirely on circumstantial evidence. Historically, Canadian
securities regulators have had limited success pursuing allegations
of tipping and insider trading due to the lack of direct evidence
of wrongdoing. The decision is a significant victory for staff of
the OSC and may embolden Canadian securities regulators in pursuing
future tipping and insider trading actions with the decision
serving as a template for such actions. The decision also serves as
a reminder to the "gatekeepers" of the public markets
– including lawyers, accountants,
