The Ontario Securities Commission announced that Harpreet Saini of Brampton has been sentenced to six months less a day in jail after pleading guilty to insider trading under section 76(1) of Ontario’s Securities Act. The Court ordered a CAD 1,149,114.93 fine, comprising disgorgement of all profits plus an additional CAD 100,000, and imposed various trading bans for 10 years under the Securities Act. A mandatory 25% surcharge under the Provincial Offences Act brings overall exposure to CAD 1,436,393.66. The misconduct involved accessing material non-public information through his employer, a newswire distribution network, using software developer access to view press release headlines before publication and trading 553 times based on 497 unpublished press releases between May 2018 and July 2021, generating illicit gains exceeding USD 770,000. Saini and a co-accused, John Natividad, were charged in September 2022; proceedings against Natividad remain before the court.
Ontario Securities Commission 2025-08-06
Ontario Securities Commission announces jail term, CAD 1.15 million fine and 10-year trading bans in insider trading case
The Ontario Securities Commission announced Harpreet Saini's nearly six-month jail sentence and CAD 1,149,114.93 fine for insider trading under Ontario’s Securities Act. Saini accessed non-public information through his employer to trade on 497 unpublished press releases, generating illicit gains over USD 770,000. Additional penalties include a 25% surcharge and a 10-year trading ban, while proceedings against co-accused John Natividad are ongoing.