Global Broker Regulation Inquiry App

WikiFX

Broker Search

English

简体中文

繁體中文

English

Pусский

日本語

ภาษาไทย

Tiếng Việt

Bahasa Indonesia

Español

हिन्दी

Filippiiniläinen

Français

Deutsch

Português

Türkçe

한국어

العربية

Download

WikiFX Express

Euro FX reserve demand returns after years of neglect: McGeever

2 GlobeNewswire Employees Are Suspected of Insider Trading by the OSC

WikiFX

| 2022-04-14

Abstract：The Ontario Securities Commission (OSC) is investigating 2 GlobeNewswire employees for suspicion of insider trading. The two Canadian programmers worked for Intrado Corporation, the company that owns GlobeNewswire.

Two Canadian programmers that worked for Intrado Corporation are the prime suspects.

250 instances were found by the Ontario Securities Commission.

Take Advantage of the Biggest Financial Event in London.

Dave Pleiss, Intrados Vice-President said, “As a more general matter, we can confirm that Intrado co-operates with law enforcement and regulatory agencies any time that co-operation is requested.”

The investigation dates back to 2020 on a tip that an Intrado employee, John Lester Mandac Natividad sold stocks of 10 US companies that were releasing information on their financial operations.

The OSC issued a search warrant for Natividad's residence. The investigators discovered WhatsApp messages between Natividad and Harpreet Saini, the second Canadian programmer, discussing stocks of companies that were scheduled to release financial news via GlobeNewswire.

The investigators seized Saini's trading records.

Anthony Long, a Senior Forensic Accountant at Ontario Securities Commission said that in 250 occasions trades were executed in a company when a press release was due on GlobeNewswire (on the same day or before).

Between 2018 and 2021, Saini earned $1.1 million from trading. However, it is yet to be determined how many trades are suspected to be a result of insider trading.

GlobeNewswire Mechanism for Insider Trading

The newswire company records all employees that view press releases that are yet to be published. The electronic tracking is designed to prevent misuse of the information by the firm's employees.

Anthony Long suspects that the employees found a way around the tracking system. By hovering over the unpublished press releases the headline of the news is displayed without the need of clicking on the article (which cannot be traced).

The headline may have been sufficient to capitalize on via trades in the stock market.

None of the allegations were proven in court at the time of writing. The OSCs application is scheduled for 16 June 2022.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

Euro FX reserve demand returns after years of neglect: McGeever

Beware Multibank Group Scams: Real Trader Complaints

Multibank Group scams warning: denied withdrawals & fake trading profits. Don’t fall victim—read the latest scam cases today!

Original1h

HTFX Exits Cyprus Market as Regulator Confirms License Withdrawal

Cyprus regulator CySEC confirms HTFX’s decision to abandon its investment firm license, joining other brokers reshaping the island’s financial sector.

Original1h

Morgan Stanley Looks to Expand in Asia

Morgan Stanley is stepping up its strategic push across Asia as financial markets in the region gradually deregulate and unlock new growth opportunities. The Wall Street bank’s expansion plans reflect a broader shift in investor confidence toward Asian economies and the rising importance of the region in global capital flows.

Original7h

What’s the Impact on the Economy? Death Toll in Philippine Boat Accident Climbs to 15, Hundreds Resc

A tragic ferry accident in the southern Philippines has claimed at least 15 lives, underscoring long-standing safety concerns in the nation’s inter-island transport system. The passenger vessel MV Trisha Kerstin 3 sank early Monday while en route from Zamboanga to Jolo island in the Sulu province. Philippine authorities reported that 316 people were rescued in ongoing search and rescue operations, but 28 remain missing.

Original7h