OSC Panel Issues Reasons and Decision in the Matter of Jowdat Waheed and Bruce Walter

TORONTO, Aug. 27, 2014 /CNW/ - A panel of the Ontario Securities Commission (Commission) issued its Reasons and Decision today in the matter of Jowdat Waheed (Waheed) and Bruce Walter (Walter). Following a lengthy hearing on the merits, the panel dismissed the allegations against Waheed and Walter.

The decision involves a matter that arose from a Statement of Allegations issued by Staff of the OSC with respect to the two respondents on January 9, 2012. Staff made allegations of insider trading, tipping and conduct contrary to the public interest in connection with the purchase of 20 million common shares and five million warrants of Baffinland Iron Mines Corporation by Nunavut Iron Ore Acquisition Inc. on September 9, 2010, and Nunavut Acquisition's subsequent hostile take-over bid for Baffinland, which was launched on September 22, 2010.

"We have a duty to investigate suspected illegal insider trading schemes, no matter how complicated or challenging, and we will continue to pursue cases when the evidence is compelling and when important matters of regulatory policy are involved," said Tom Atkinson, Director of Enforcement for the OSC. "Illegal insider trading strikes at the integrity of our capital markets and the confidence of investors."

Independent panels of the Commission adjudicate matters based on their consideration of the evidence and the law. Commission decisions contain findings of fact and law for Staff to review and consider in the context of OSC enforcement policy and the pursuit of misconduct in the capital markets. Today's Reasons and Decision provide guidance to Staff on the application of the Commission's public interest authority in enforcement decisions.

The OSC administers and enforces securities legislation in the province of Ontario. The OSC's statutory mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets.

SOURCE: Ontario Securities Commission

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