Newswire employees investigated for insider trading

Two Toronto-area programmers for GlobeNewswire, one of the largest wire services in the world, are under investigation as part of an insider-trading probe, reports Greg McArthur of The (Toronto) Globe and Mail.

McArthur writes, “The regulator alleges that two software developers for Intrado Corporation, the US-based telecommunications company that owns GlobeNewswire, regularly texted each other about draft corporate press releases scheduled to be issued, and executed trades on that material, non-public information .

“The allegations are contained in an application filed in court in March by the OSC. The regulator is asking a judge to extend a freezing order on the TD trading accounts of one of the GlobeNewswire programmers, Harpreet Saini.

“None of the allegations has been proven in court.”

Read more here.

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