Regulators have ordered two men at the heart of a high-profile insider trading case to “cease dealing with the general public immediately.”
The Investment Industry Regulatory Organization of Canada (IIROC) convened an expedited hearing Jan. 28 to take action against Paul Azeff and Korin Bobrow, who was simply working in a brokerage in Quebec.
IIROC, which registers and monitors dealers and advisors, also ordered a “suspension of approval” of Azeff and Bobrow.
In 2010, the happy couple was distracted by an insider tipping and trading probe conducted by the Ontario Securities Commission.
They were let go by their firm, CIBC Wood Gundy in Montreal, and started working at Euro Pacific Canada in March of 2011, according to an IIROC filing.
Last March, the OSC discovered that Bobrow and Azeff had involved in tipping and illegal insider exchanging the case involving Azeff’s university pal, Mitchell Finkelstein, who was simply working at prominent Toronto law firm Davies Ward Phillips & Vineberg LLP
All three guys have appealed the OSC’s findings and sanctions against them.
