GlobeNewswire programmers / insider trading probe 2022-04-11 09:25 ET - In the News
The Globe and Mail reports in its Monday edition that two Toronto-area programmers for GlobeNewswire, one of the largest wire services in the world, are under investigation as part of an insider-trading probe launched by the Ontario Securities Commission. The Globe's Greg McArthur writes that the regulator alleges that two software developers for Intrado Corp., the U.S.-based telco that owns GlobeNewswire, regularly texted each other about draft corporate press releases scheduled to be issued, and executed trades on that material, non-public information. The OSC is asking a judge to extend a freezing order on the TD trading accounts of one of the GlobeNewswire programmers, Harpreet Saini. GlobeNewswire boasts of its worldwide reach, which extends to 92 countries in 35 languages. The OSC says in court records that its probe dates back to late 2020, when it received information that another Ontario-based Intrado employee, John Lester Mandac Natividad, sold stock in a way that appeared to be linked to 10 U.S. companies releasing news about their operations. After this tip, the OSC carried out search warrants, including one on Mr. Natividad's residence, an OSC forensic auditor, Anthony Long, said in an affidavit.
Probe started in late 2020. Crazy how long they take with these probes, a year and a half in this case. You woudn't think it would be that complicated.
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