OSC v. Aaron Wolfe (insider trading, 2023)

Settled

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In 2023 the Capital Markets Tribunal approved a settlement in which Aaron Wolfe admitted illegal insider trading in Tahoe Resources shares in November 2018, using information about a proposed acquisition that he obtained from a third party. He agreed to an administrative penalty of C$200,000, disgorgement of C$125,064 and costs of C$15,000.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

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Penalty as published

C$200k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in CAD. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The Ontario Securities Commission filed its statement of allegations against Aaron Wolfe on February 17, 2023 and the Capital Markets Tribunal approved a settlement on February 22, 2023 (file 2023-5).

Staff alleged, and Wolfe accepted in the settlement, that in November 2018 he traded in the shares of Tahoe Resources Inc., then a reporting issuer listed on the Toronto Stock Exchange, after learning from a third party of a proposed acquisition of the company that had not yet been announced.

The approved order carries an administrative penalty of C$200,000, disgorgement of C$125,064 and C$15,000 in costs, payable on a payment plan. The conduct is recorded against equities.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-02-17 Other
2. 2023-02-17 Statement of Allegations
3. 2023-02-22 Reasons and Decision
4. 2023-02-22 Reasons and Decision

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• Tribunal proceeding
• Other
• Statement of Allegations
• Reasons and Decision
• Reasons and Decision

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.