Last week, the OSC announced its asking Ontario to give law enforcement the power to use wiretaps to catch insider trading, according to the Toronto Star.
Following that announcement, Canadian Business spoke to Stan Grmovsek, the only man ever sent to jail over insider trading in Canada. In 2009, OSC issued a settlement agreement that stated Grmovsek had been involved in an insider-trading scheme from 1994 to 2008.
During his CB interview, Grmovsek offered perspective on how regulators catch inside traders, and on how effective wiretaps might be. Read more.
In the meantime, OSC Chair Howard Wetston says the OSC is in talks with Ontario Provincial Police and the province’s attorney general. He told the Star that insider-trading cases are difficult to prove but wiretaps would help. They’d be used the new OSC-OPP Joint Serious Offences Team.
The discussions are in their early stages, and Wetston says it will be a long time before they’re in use. Read more here.