OSC v. Louis Michael Kovacs (2013)

Settled

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In 2013 the Ontario Securities Commission approved a settlement with Louis Michael Kovacs, head of Harvest Portfolio Group, who failed to file insider reports and who traded in a personal account in a way that facilitated a normal course issuer bid for a Harvest fund. He agreed to a C$10,000 penalty and C$5,000 in costs, and a voluntary C$15,000 payment. No insider trading is alleged.

The record

Structured fields for this action, as recorded in our case library.
Agency	OSC
Date filed	2013-09-17
Date resolved	2013-09-19
Court	Capital Markets Tribunal (Ontario)
Status	settled
Criminal parallel	No
Defendants	Louis Michael Kovacs (individual)
Techniques

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —
Penalty as published: C$10k

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 issued its statement of allegations on September 17, 2013 and approved the settlement on September 19, 2013.

Staff alleged that Kovacs, President, CEO and a director of Harvest Portfolio Group, acted contrary to the public interest by facilitating trades in a normal course issuer bid for Harvest Canadian Income and Growth Fund through his personal account, and breached subsection 107(1) of the Securities Act by failing to file insider reports.

The approved terms are a C$10,000 penalty for the missing insider reports, C$5,000 in costs, a one-year pre-clearance condition on his registration and a voluntary C$15,000 payment for the issuer-bid conduct. The 'insider trading reports' wording in the allegations triggered the tag, which has been removed.

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.

Timeline

Primary documents

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

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

Record added September 10, 2026. submit a correction.