Steven Vannatta and Alexander Goss are prohibited from trading in most securities for 15 years, while Majd Kitmitto and Frank Fakhry have received 10-year bans and Christopher Candusso received a three-year ban
Ontario regulators have handed down financial penalties and market bans for five men who committed illegal insider trading involving multiple stock trades prior to two acquisitions by Amaya Gaming Group Inc. in 2014.
Combined, the five men will pay $2.95-million in penalties, return $1.44-million in profits, and pay costs of $735,375. Of that, Mr. Goss is responsible for a $1-million penalty, $1,228,509 in profits and $183,844 in costs. In a majority decision in May, the OSC panel found Mr. Kitmitto, then a senior analyst at investment firm Aston Hill Asset Management, was contacted by Canaccord Genuity Group in 2014 to see whether Aston Hill wanted to participate in Amaya’s acquisition of two companies.
The OSC found Mr. Goss made recommendations to 15 of his clients to purchase shares of Amaya. He also told his assistant Mr. Fakhry, who tipped two people and made recommendations to five clients. Those two men bought Amaya stock, the OSC alleged.the OSC dismissed its case against Canadian Imperial Bank of Commerce investment adviser Frank Soave