OSC v. Thomas John Finch (insider trading, 2023)

Settled

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In 2025 the Capital Markets Tribunal approved a settlement with Thomas John Finch, a member of the deal team on the acquisition of Liberty Health Sciences, who admitted buying Liberty shares repeatedly before the announcement. The order carries a C$235,000 penalty, C$22,336.27 in costs and a ten-year trading ban.

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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Penalty as published

C$235k

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 on October 18, 2023; the settlement agreement is dated March 18, 2025 and was approved on March 26, 2025.

Staff alleged that Finch, a key member of the team working on the acquisition of Liberty Health Sciences Inc., used material non-public information when he bought Liberty shares repeatedly in the lead-up to the announcement, in breach of his employer's insider trading policy and Ontario securities law.

The approved order imposes a ten-year trading and acquisition ban, a ten-year bar on acting as a registrant or investment fund manager, an administrative penalty of C$235,000 and investigation costs of C$22,336.27.

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. 2023-10-18 Statement of Allegations
2. 2023-10-25 Notice of Hearing
3. 2023-11-16 Reasons and Decision
4. 2024-03-06 Reasons and Decision
5. 2024-05-08 Reasons and Decision
6. 2025-01-10 Reasons and Decision
7. 2025-03-18 Notice of Hearing
8. 2025-03-18 Settlement Agreement
9. 2025-03-26 Reasons and Decision
10. 2025-03-26 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
• Reasons and Decision
• Notice of Hearing
• Settlement Agreement
• 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.