Misuse of confidential information: OSC

first_img Keywords Insider tradingCompanies Ontario Securities Commission James Langton SEC alleges man sold insider trading tips on dark web Share this article and your comments with peers on social media An Ontario man has agreed to give up about half his trading profits to settle allegations that he traded on inside information about a pending corporate acquisition. The Ontario Securities Commission (OSC) announced a settlement Tuesday with Anand Hariharan, a Mississauga, Ont.-based aircraft maintenance engineer, who bought options on the stock of Loral Space & Communications Inc. based on a tip from a close childhood friend, Satish Talawdekar, concerning the pending acquisition of Loral’s major subsidiary by MacDonald, Dettwiler & Associates Inc., where Talawdekar worked. Related newscenter_img ASIC ready to make deals with devils Facebook LinkedIn Twitter According to the settlement, trading on the tip netted Hariharan a profit of US$68,683. The settlement notes that, while the trading “did not technically contravene” securities laws, because Loral was not a reporting issuer in Ontario, “his conduct impugned the integrity and fairness of the capital markets because of the misuse of material, confidential information.” As a result, the settlement concludes that Hariharan’s conduct was contrary to the public interest. To settle the allegations, Hariharan agrees to make a voluntary payment of $35,000 to the commission, and to pay $5,000 in costs. He also agrees to a 10-year ban from trading, except for certain trading in his retirement accounts; and a 10-year registration ban. FINRA bans analyst for insider tradinglast_img

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