Electronics Production | May 18, 2009
Ex-Celestica employee agreed to pay more than $1.1 million in settlement
At a hearing held today, the Ontario Securities Commission (OSC) approved a settlement agreement that was entered into with Staff of the Commission and Rajeev Thakur.In the settlement agreement, Mr. Thakur admitted that he committed illegal insider trading.
He purchased and sold securities of Celestica while in a special relationship with the company and with knowledge of material information that had not been generally disclosed contrary to section 76 (1) of the Securities Act. Mr. Thakur admitted that he was aware of Celestica’s financial results before those results were generally disclosed. He made a series of trades which resulted in a profit of approximately $642,056. In approving the settlement agreement, the Commission ordered Mr. Thakur to: - disgorge to the Commission the amount of $642,056; - pay to the Commission an administrative penalty in the amount of $481,542; and - pay costs in the amount of $25,000. In addition, the Commission Order permanently prohibits Mr. Thakur from acting as an officer or director of any registrant or issuer, and requires him to permanently cease trading in securities, with some limited exceptions for a mutual fund account. In approving the settlement agreement, Commission Panel Chair, James Turner said, “this conduct constitutes blatant insider trading. We have applied the principle that no one should profit from their breach of the Securities Act. The administrative penalty imposed constitutes a very substantial portion of Mr. Thakur’s net assets.” OSC litigator Matthew Britton stated that, “Mr. Thakur surreptitiously gained access to Celestica's confidential information and used that information to make profitable trades on his own behalf. Mr. Thakur, in committing illegal insider trading, committed a very serious offence.” Source: OSC
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