OSC v. Stephen Campbell (wash trading, 2013)

Settled

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In March 2013 Ontario Securities Commission staff brought proceedings against Stephen Campbell over match and wash trades in 2011, and the Commission approved a settlement on March 28, 2013. Campbell was reprimanded, barred from trading securities for two years and ordered to pay $25,000 towards costs. The settlement records facts he agreed to; it is not a contested finding.

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 announced this matter on March 26, 2013, and it was heard before the Commission, now the Capital Markets Tribunal. Under the settlement agreement, Campbell executed eight match or wash trades between February 10 and March 31, 2011, seven of them split between two discount brokerage firms, which had the effect of concealing them, while knowing such trades are prohibited and that they would be counted in reported daily volume.

Outcome. The Commission's order of March 28, 2013 approved the settlement agreement, reprimanded Campbell, prohibited him from trading in any securities for two years from the order, and required him to pay $25,000 towards the costs of Staff's investigation within 30 days. The costs payment is not a penalty and is recorded here only in text. The order and agreement show no disgorgement or other monetary sanction.

This library tags the matter as wash trading, based on the conduct the regulator describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names. The conduct is recorded against equities.

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.

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

Timeline

1. 2013-03-25 Settlement Agreement
2. 2013-03-26 Notice of Hearing
3. 2013-03-26 Statement of Allegations
4. 2013-03-28 Reasons and Decision
5. 2013-03-28 Commission approves settlement; two-year trading ban, reprimand, $25,000 costs

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
• Settlement Agreement
• Notice of Hearing
• Statement of Allegations
• Reasons and Decision
• Settlement agreement (Campbell)

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.