The Ontario Securities Commission (OSC) has reciprocated a 10-year trading ban, which was imposed by the Alberta Securities Commission (ASC) against a man over allegations of insider trading.
The OSC said Monday that it has imposed sanctions against David De Gouveia on the basis of findings against him by the ASC in 2013, which ruled that Gouveia engaged in market manipulation and acted contrary to the public interest. It banned him from trading for 10 years (to June 2023); and, ordered an administrative penalty of $75,000 and $60,000 in costs.
In its decision, the OSC hearing panel said, “I agree with the conclusion of the ASC panel, which found that manipulative trading, such as the trading engaged by Gouveia, ‘undermines the integrity of the capital market’, it is ‘unfair to investors’ and it ‘jeopardizes the confidence in the capital market on which legitimate investor interest and capital formation depend’.”
The OSC ban applies until June 2023. Gouveia did not participate in the OSC hearing, it notes.