News & Events

News Release


20 Queen St. W.
22nd Floor
Toronto, ON M5H 3S8
Commission des
valeurs mobilières
de l'Ontario

December 6, 2016

Court Dismisses Appeals in Insider Trading Case

TORONTO – On December 2, 2016, the Superior Court of Justice (Divisional Court) upheld the Ontario Securities Commission’s Reasons for Decision on the Merits dated March 24, 2015 and the OSC’s Reasons for Decision on Sanctions and Costs dated August 24, 2015 in respect of Mitchell Finkelstein, Paul Azeff, Korin Bobrow and Howard Jeffrey Miller. The Court dismissed the appeals to set aside the Panel’s findings of insider trading and tipping, and the sanctions ordered, on the grounds that the conclusions reached by the Panel were reasonable.

“This is a very important decision and the first in Canada to uphold the Commission's approach where there are multiple offenders in a chain of insider trading and tipping,” said Jeff Kehoe, Director of Enforcement. “It affirms our decision to prosecute cases that are complex and notoriously hard to detect.”

The Court allowed the appeal of Man Kin (“Francis”) Cheng.

A copy of the Divisional Court decision is available 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 .


For Media Inquiries:
For Investor Inquiries: OSC Contact Centre
1-877-785-1555 (Toll Free)
Twitter logo Follow us on Twitter
Linkedin logo Follow us on Linkedin