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Commission des
valeurs mobilières
de l'Ontario

November 1, 2016

Court Dismisses Appeal in Insider Trading Case

TORONTO – On October 26, 2016, the Superior Court of Justice (Divisional Court) upheld the Ontario Securities Commission (OSC)’s Reasons for Decision on the Merits dated February 11, 2015 and the OSC’s Reasons for Decision on Sanctions and Costs dated June 24, 2015 in the matter of Henry Fiorillo, Dennis Wing, and Kimberley Stephany (the “Appellants”).

The Court dismissed the Appellants’ appeal to set aside the OSC’s findings of insider trading, and the sanctions ordered, on the grounds that the conclusions reached by the OSC were reasonable.

“We are pleased with the Court’s decision to uphold the OSC Panel’s findings of illegal insider tipping and trading in this matter,” said Jeff Kehoe, the Director of Enforcement at the OSC. “This conduct is very serious as it undermines the integrity of our capital markets.”

A copy of the Divisional Court decision can be found on the Canadian Legal Information Institute website.  

Documents relating to the underlying OSC proceeding, including the Reasons for Decision on the Merits and the Reasons for Decision on Sanctions and Costs, can be found 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 the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at


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