A software engineer who used his position at a newswire distribution service to gain early access to forthcoming corporate news — and then traded ahead of that news — has now been sentenced by an Ontario judge after admitting to insider trading.
In 2022, both the Ontario Securities Commission (OSC) and the U.S. Securities and Exchange Commission (SEC) alleged that between May 2018 and July 2021, John Natividad and Harpreet Saini repeatedly traded ahead of pending corporate press releases that they accessed through their work at newswire Intrado Corp.
Ultimately, both men pleaded guilty to charges brought by the OSC in connection with their trading.
On Thursday, the OSC said that Natividad has now been sentenced to 90 days in jail, and ordered to pay a $450,000 fine (including a 25% surcharge on the original $360,000 fine) and placed on probation for two years.
In 2025, Saini was sentenced to six months less a day in jail, and fined over $1.4 million.
“Individuals who obtain or use material non-public information for personal gain undermine investor confidence and the fairness of our markets,” said Bonnie Lysyk, executive vice-president of enforcement at the OSC, in a release. “The OSC remains committed to detecting, investigating and holding accountable those who engage in insider trading and other forms of market abuse.”
The SEC’s case was stayed, pending the outcome of the cases against them in Canada.
According to its complaint, which was filed in U.S. district court in New Jersey, U.S. courts could claim jurisdiction in the case since 99% of their illegal trading took place on U.S. exchanges.