Harpreet Saini Guilty of Insider Trading
As part of his sentence, the Court ordered Mr. Saini to pay a fine in the amount of $1,149,114.93 encompassing disgorgement of all his profits and an additional $100,000. He will also be subject to various trading bans for 10 years pursuant to the Securities Act. In addition, the Provincial Offences Act imposes a mandatory 25% fine surcharge that brings Mr. Saini's overall exposure to $1,436,393.66.
Mr. Saini acknowledged that between May 2018 and July 2021, he accessed material non-public information through his employer, a newswire distribution network specializing in corporate press releases. Mr. Saini worked as a software developer, which allowed him to access corporate press release headlines before they were published. He then traded securities 553 times based on the headlines of 497 unpublished press releases. In total, he realized illicit gains exceeding $770,000 USD from more than 400 trades.
In September 2022, both Mr. Saini and a co-accused, John Natividad, were charged under the Securities Act. The charges relating to Mr. Natividad are still before the court.
"Employees who have access to confidential corporate information have a duty to safeguard that information and not misuse it for their personal benefit," said Bonnie Lysyk, Executive Vice President, Enforcement, OSC. "Insider trading is illegal, and it erodes investor confidence in our markets. The OSC will continue to use all the tools at our disposal to root out this type of misconduct and pursue bad actors."
This case was brought by the OSC's Criminal Investigations & Prosecutions team, which is part of the Enforcement Division of the OSC. They investigate securities-related frauds, market manipulation, and related misconduct, including the investigation of repeat offenders and those who breach Capital Markets Tribunal or Court orders and bans. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. To do this, they often partner and collaborate with other law enforcement agencies and police forces. Charges laid under the Securities Ac t are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. 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 http://www.osc.ca.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
4 minutes ago
- Cision Canada
Government Upholds Broken Telecom Regime, Jeopardizing Canada's Prosperity Français
Cogeco to Continue Fighting this Backwards Policy MONTRÉAL, Aug. 6, 2025 /CNW/ - Cogeco is dismayed by the federal government's decision to maintain the CRTC's broken, nonsensical wholesale Internet regime, and is profoundly disappointed by Cabinet's failure to ensure economic prosperity. The government's inaction stifles competition and investment in essential digital infrastructure by unfairly empowering the Big Three telecom players (Bell, Rogers, and Telus) to expand through regulation by reselling the networks of smaller regional players. This will lead to reduced consumer choice and stalled network investments. By failing to correct the CRTC's flawed approach, the government has squandered a crucial chance to foster a healthy and dynamic market that benefits all Canadians. "The Federal Cabinet's inaction is unacceptable," said Frédéric Perron, President and CEO of Cogeco. "It directly contradicts government efforts to promote sustainable competition and drive economic growth. The CRTC's current approach undermines choice and affordability, halting crucial innovation and investment vital for Canada's future. Unless corrected, this policy will have a detrimental impact on consumers and the broader Canadian economy." Cogeco will continue to challenge the CRTC's broken wholesale regime, including through the Federal Court of Appeal. About Cogeco Inc. Cogeco Inc. is a North American leader in the telecommunications and media sectors. Through Cogeco Communications Inc., we provide world-class Internet, wireless, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. Through Cogeco Media, we operate 21 radio stations in Canada, primarily in the province of Québec, as well as a news agency. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Both Cogeco Inc.'s and Cogeco Communications Inc.'s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO and CCA). For more information, please contact: Isabelle Famery Manager, External Communications [email protected] SOURCE Cogeco Inc.
Cision Canada
34 minutes ago
- Cision Canada
METABORA GAMES Integrates BORA Ecosystem with Kaia CL Protocol
- Enhancing BORA tokenomics by establishing a joint liquidity pool and applying a burn mechanism - Adopting a gas abstraction model, enabling BORA tokens to be used as a substitute for Kaia transaction fees SEOUL, South Korea, Aug. 6, 2025 /CNW/ -- METABORA GAMES (CEO Choi Se-hoon), a leading blockchain game developer, announced today that it has completed the integration of the 'Consensus Liquidity (CL) Protocol' of the blockchain platform Kaia into the BORA ecosystem. The 'CL' is an innovative infrastructure protocol based on the Kaia chain that enables simultaneous participation in validator staking and liquidity provision. By integrating Kaia's CL technology into the BORA ecosystem, METABORA GAMES will begin full-scale connectivity with external chains through the establishment of a joint liquidity pool, the introduction of a 'gas abstraction' model (which enables transaction fees to be paid on behalf of users), and the implementation of a fee-burning mechanism. With the completion of the CL integration, METABORA GAMES and the Kaia Foundation established a joint liquidity provision plan and provided approximately $2 million in liquidity as of August 5. The partners plan to further boost the BORA ecosystem and enhance the token's value through additional phased liquidity injections. Additionally, a burn mechanism will be applied to the fee revenue generated from the joint liquidity pool. A certain portion of BORA-denominated profits will be burned, reinforcing the ecosystem's deflationary tokenomics. The burn rate and frequency will be adjusted flexibly in accordance with market conditions and revenue scale. The integration will also introduce a 'gas abstraction' feature, allowing users to pay transaction fees on the Kaia mainnet using BORA tokens. This enables users to cover transaction fees with BORA tokens even if they do not hold any Kaia tokens. A METABORA GAMES representative stated, "The integration of the CL Protocol marks the first step for the BORA chain in achieving functional flexibility and scalability by structurally connecting with external public infrastructure. This signifies a transition and expansion from an independent BORA mainnet model to an interactive structure that engages with external ecosystems." They added, "Starting with the launch of mini Dapps based on LINE Messenger and onboarding on Kaia, we will further strengthen BORA's tokenomics by expanding external utility and operating an organic burn mechanism that functions seamlessly across multiple chains." About METABORA METABORA is a casual game developer and the service operator of the blockchain platform BORA. The BORA ecosystem brings together partners across various industries—ranging from tokenomics and content to blockchain technology—driving innovation and collaboration across games, sports, and entertainment. BORA is a national game/entertainment token with a high liquidity in the market and reinforcing the accessibility of users and services abroad by increasing the listing on global cryptocurrency exchanges and expanding partnership.
Cision Canada
an hour ago
- Cision Canada
Statement from Minister Joly on the government's decision to uphold the Canadian Radio-television and Telecommunications Commission's mandatory wholesale access framework, bringing down costs for Canadians
OTTAWA, ON, Aug. 6, 2025 /CNW/ - The Honourable Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions, made the following statement: "Canada's new government has a strong mandate to bring costs down and to build one, strong, Canadian economy – one that aligns with our core values as a nation. This mandate serves as the foundation on which all our decisions are made. In that effort, we are ensuring a fair, competitive business environment that keeps costs down for Canadians. "In August 2024, the Canadian Radio-television and Telecommunications Commission (CRTC) made a decision to expand its mandatory wholesale access framework. This will immediately allow for more competition on existing networks for high-speed Internet services across the country. "The CRTC is an independent and quasi-judicial tribunal that regulates the Canadian communications sector in the public interest. According to the policy direction, the CRTC is responsible for considering how its decisions affect all forms of competition and investment, as well as how they foster affordability and lower prices, amongst other factors. Their decision to uphold the mandatory wholesale access framework was based on extensive consultation with experts, the Competition Bureau, and over 300 public submissions. "To that end, the government is declining to alter the CRTC's decision to expand mandatory wholesale access. "Canadians depend on telecommunications services for every aspect of life. By immediately increasing competition and consumer choice, the CRTC's decision aims to reduce the cost of high-speed Internet for Canadians and will contribute toward our broader mandate to bring down costs across the board." Backgrounder The CRTC has determined that allowing the three largest telecommunications companies (Bell, Rogers, and TELUS), as well as smaller providers, to use the mandatory wholesale access framework will likely make high-speed Internet plans more affordable by encouraging competition. This approach allows these companies to access networks outside their traditional service areas at regulated rates, and offer new Internet plans to consumers, expanding choice and keeping Internet prices down. On November 8, 2024, Eastlink, Cogeco, the Competitive Network Operators of Canada and SaskTel petitioned the Governor in Council to vary the CRTC's August 13, 2024, decision to exclude the largest providers from mandated wholesale access. After careful consideration, the Governor in Council is declining to alter the CRTC's wholesale framework. The CRTC has committed to closely monitoring the Internet market and to making any adjustments necessary to support ongoing competition and investment. The regulator will ensure consumer benefits result from robust competition, along with continued investment in high-speed Internet infrastructure. Stay connected Find more services and information on the Innovation, Science and Economic Development Canada website. SOURCE Innovation, Science and Economic Development Canada
