Ex-Staffer at Big Canadian Law Firm Faces Insider Trading Charges
The Ontario Securities Commission, a Canadian regulator, has charged former Davies Ward Phillips & Vineberg legal assistant Donna Hutchinson in Toronto with insider trading. Davies Ward is one of the largest law firms in Canada.
September 27, 2017 at 06:00 PM
3 minute read
The long line of former lawyers and employees at large law firms implicated in various insider trading schemes continued this month, with a former staffer at Davies Ward Phillips & Vineberg accused of tipping off others about deals being handled by the leading Canadian firm.
The Ontario Securities Commission unveiled a 14-page civil complaint on Sept. 22 against Donna Hutchinson, accusing the one-time Davies Ward legal assistant with passing on “material, non-public information” that she learned about pending transactions during her time at the firm. The purloined insider information was given to Cameron Edward Cornish, a long-time friend and institutional trader, according to the OSC. Cornish then allegedly passed it on to two other friends, both of whom traded on the information.
Among the deals that Hutchinson is accused of leaking information on are Valeant Pharmaceuticals International Inc.'s $45 billion hostile bid for Allergan Inc. in 2014; Burger King Worldwide Inc.'s big $11.4 billion buy in 2014 of Canadian donut and coffee king Tim Hortons Inc.; and Canadian heavy oil producer Baytex Energy Corp.'s $2.6 billion acquisition that same year of Australia's Aurora Oil & Gas Ltd.
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