OSC v. Michael Paul Kraft and Michael Brian Stein (insider trading, 2021)

Judgment entered

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In July 2024 the Ontario Capital Markets Tribunal sanctioned former public-company chairman Michael Kraft and Michael Stein after finding in October 2023 that Kraft tipped Stein, who traded. Kraft was ordered to pay a C$200,000 penalty and Stein C$150,000 plus C$29,345 disgorgement, with trading and director bans.

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$350k

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's proceeding began with a notice of hearing on November 16, 2021 (file 2021-32); the Tribunal's merits reasons issued on October 20, 2023 and its sanctions order on July 2, 2024.

The sanctions order follows the merits findings against Kraft and Stein. Kraft received a three-year trading ban, a four-year director and officer ban and a C$200,000 administrative penalty; Stein a four-year trading ban, a three-year director and officer ban, a C$150,000 penalty and disgorgement of C$29,345.

Costs of C$150,000 (Kraft) and a further amount for Stein are not counted as penalties. The stored penalty is the C$350,000 of administrative penalties; the earlier record held no figure.

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. 2021-10-15 Notice of Hearing
2. 2021-10-15 Statement of Allegations
3. 2021-11-16 Reasons and Decision
4. 2022-03-16 Reasons and Decision
5. 2022-05-03 Reasons and Decision
6. 2022-09-16 Other
7. 2022-12-09 Reasons and Decision
8. 2023-02-23 Reasons and Decision
9. 2023-10-20 Reasons and Decision
10. 2024-03-01 Reasons and Decision
11. 2024-07-02 Reasons and Decision
12. 2024-07-02 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
• Notice of Hearing
• Statement of Allegations
• Reasons and Decision
• Reasons and Decision
• Reasons and Decision
• Other
• Reasons and Decision
• Reasons and Decision
• 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.