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ARTICLE · 28 OCTOBER 2015

Outsiders On The Inside: A Cross-Border Insider Trading Case Study

Borden Ladner Gervais LLP
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Dunham was the Chief Operating Officer of a Wireless Franchisor, which operates more than 400 franchise outlets that sell the services of a Major Wireless Provider.

CanadaCorporate/Commercial Law
Gordon Raman
Gordon Raman
Jeffery Barnes
Jeffery Barnes
Sarah Sweet
Sarah Sweet
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It's not the typical insider trading story: a COO in the U.S. begins selling his retail company's sale and return reports of smartphones to an investment research analyst, but after one particular piece of information is released, a major smartphone manufacturer's stock drops more than seven percent in one day. That COO later ends up facing criminal fraud charges and incarceration for his actions. This is not what most people think of as insider trading, but what would happen if the COO had done the same thing on this side of the border? Is this a cautionary tale only applicable for U.S insiders and outsiders or should Canadians also be taking notice?

U.S. v Dunham: A Case Study

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