The Ontario Securities Commission said David Bruce Fingold, Fobasco Ltd. and Slater Industries Inc. have been charged with insider trading in connection with the sale of shares of Cineplex Odeon Corp.
The OSC said the charges allege that the Cineplex shares were sold between Feb. 25, 1989, and March 22, 1989, with knowledge of material facts that were disclosed at a Cineplex board meeting but hadn’t been publicly disclosed.
In a statement, Slater Industries said it “is satisfied that there was no wrongdoing in connection with this transaction and considers the information to be unwarranted. Accordingly, these proceedings will be vigorously defended.”
Fingold is vice-chairman and secretary of Slater Industries.