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ARTICLE · 14 JANUARY 2009

Ontario Court Of Justice

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On November 4, 2008, Justice Shamai of the Ontario Court of Justice released reasons in "R. v. Landen", an insider trading and tipping case brought pursuant to sections 76(1) and 76(2) of the Ontario Securities Act.

CanadaLitigation, Mediation & Arbitration
Kara Beitel
Kara Beitel
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Edited by David Di Paolo

On November 4, 2008, Justice Shamai of the Ontario Court of Justice released reasons in R. v. Landen, an insider trading and tipping case brought pursuant to sections 76(1) and 76(2) of the Ontario Securities Act. Justice Shamai found the defendant, Barry Landen, guilty of selling securities of Agnico-Eagle Mines Limited ("Agnico-Eagle") while in possession of material undisclosed information. Mr. Landen was acquitted of tipping his friend, Stephen Diamond, of material undisclosed information and Mr. Diamond was accordingly acquitted of engaging in insider trading himself.

The Ontario Securities Commission (the "OSC"), having decided to bring proceedings in criminal court rather than before a regulatory tribunal, was required to prove its case beyond a reasonable doubt. As is common with allegations of tipping, the OSC's case was circumstantial. Both Messrs. Landen and Diamond denied that Mr. Landen had shared material undisclosed

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