News & Events

News Release

Ontario Securities

20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
Commission des valeurs mobilières de l'Ontario

September 1, 2011

Mother and Son Settle with the Ontario Securities Commission on
Insider Trading Violations

TORONTO – The Ontario Securities Commission (OSC) today approved settlement agreements with Helen Kuszper and her son, Paul Kuszper, who admitted to engaging in illegal insider trading and making false and misleading statements to OSC staff in contravention of Ontario securities law. Helen Kuszper also admitted to engaging in illegal tipping.

Under the settlement agreements, Helen Kuszper is permanently banned from trading securities and acting as an officer or director of a public company. Paul Kuszper is banned from trading securities and acting as an officer or director of a public company for a minimum of 15 years.

The Kuszpers must also disgorge all profits obtained of $321,772, pay an administrative penalty of $701,690 and pay costs of $30,000. The administrative penalty represents two times the profits made and losses avoided.

“We have made it a priority to identify and pursue cases of insider trading and unlawful tipping,” said Tom Atkinson, Director of Enforcement at the Ontario Securities Commission. “In this case, a company employee misappropriated confidential, material information and used it for her own gain and that of her son. Such conduct is abusive of our capital markets and we will take action accordingly.”

Helen Kuszper and Paul Kuszper each admitted that between April 29 and May 7, 2008, they traded securities of Kingsway Financial Services Inc. with knowledge that the company would report a material net loss for its first quarter 2008 financial results, which had not yet been publicly disclosed. Helen Kuszper acquired this information in her capacity as a senior accountant in Kingsway’s investment reporting group and tipped the information to her son.

Helen Kuszper and Paul Kuszper both denied to OSC staff that Helen had access to Paul’s trading account and that she had traded put options on Paul’s behalf. Internet and trading records indicated that the trading originated from a computer at her business office, while Paul was living in Antigua.

A copy of the Order approving the Settlement Agreement with Helen Kuszper dated September 1, 2011 and the Order approving the Settlement Agreement with Paul Kuszper dated September 1, 2011 are available at

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC’s investor materials available at


For Media Inquiries:     Wendy Dey
Director, Communications & Public Affairs

Carolyn Shaw-Rimmington
Manager, Public Affairs

Dylan Rae
Media Relations Specialist

For Investor Inquiries:     OSC Contact Centre
1-877-785-1555 (Toll Free)