OSC v. Khalid Walid Jawhari (insider trading, 2017)

Judgment entered

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In 2017 the Ontario Securities Commission reciprocated an Alberta Securities Commission settlement with Khalid Walid Jawhari, who admitted insider trading in Artek Exploration shares ahead of Kelt Exploration's takeover offer, after a tip from a friend who worked at Kelt.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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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.

What is alleged to have happened

The Ontario Securities Commission filed an inter-jurisdictional statement of allegations on August 29, 2017 and issued its order on October 11, 2017.

On March 22, 2017 Jawhari entered a settlement agreement with the Alberta Securities Commission in which he admitted insider trading in Artek shares before the February 23, 2015 announcement that Kelt would acquire Artek. He had been tipped by Aouad Choufi, a friend employed by Kelt.

Ontario's order reciprocates the Alberta sanctions; in its reasons the Commission called the conduct a form of insider trading that undermines investor confidence and has long been condemned.

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. 2017-08-29 Statement of Allegations
2. 2017-08-30 Notice of Hearing
3. 2017-09-26 Reasons and Decision
4. 2017-10-11 Reasons and Decision
5. 2017-10-11 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
• Statement of Allegations
• Notice of Hearing
• Reasons and Decision
• 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.