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OSC releases decision in ATi insider trading case - PCstats.com OSC releases decision in ATi insider trading case
Mon, April 19 2004 | 10:23PM | PermaLink Feedback?

OSC Releases Decision in the Matter of Betty Ho and K. Y. Ho

TORONTO – The Ontario Securities Commission (OSC) issued a decision today in the matter of Betty Ho and K. Y. Ho. The allegations of OSC staff against the respondents were dismissed by the independent panel of Commissioners.

In its decision, the panel stated,

    “In that we have determined that it has not been established that it was a fact at the time the Respondents disposed of the shares that ATI would fall short of its forecasted revenue and earnings for Q3-2000, it follows that we could not find that the Respondents had actual knowledge of that fact. That the Respondents had such knowledge is a requirement in order to establish a violation of subsection 76(1) of the Act ...

    “... Accordingly, we find that the allegations in paragraph 9(c) of the Statement of Allegations as to what the Respondents knew as a fact at the time they disposed of the shares have not been established.”

Additionally, the panel found,

    “... that the donation of shares by K. Y. Ho to the charities were not “sales” for the purpose of subsection 76(1) of the Act.”

Michael Watson, Director of Enforcement at the OSC, said: “In the hearing, the defence asked that the case be dismissed after the OSC’s submission, but the panel decided against the defence as evidence had been entered on every point.

“We would not be doing our job of enforcing the capital markets if we only brought cases that were clear winners. The other respondents involved in this case settled with us and admitted wrongdoing,” said Watson.

A copy of the decision is made available on the OSC’s website at www.osc.gov.on.ca.

FULL STORY @ Archived from OSC
http://www.osc.gov.on.ca/About/NewsReleases/2005/nr_20051014_osc-ati-tech-rad.jsp
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