Staff of the Ontario Securities Commission have reached a settlement agreement with the owner of day-trading company in the first case of alleged “spoofing” ever launched by the regulator.
The OSC alleges day traders at Hamilton-based Oasis World Trading Inc. engaged in at least 460 instances of manipulative trading in shares of companies listed on Canadian stock markets between November, 2013, and December, 2014. In a Statement of Allegations released Friday, the regulator said Oasis founder Zhen (Steven) Pang did not know some of his day traders – all located in China – were engaged in manipulative practices.
But the OSC alleged he ought to have known and failed to adequately monitor trading activity at the company, “thereby indirectly engaging or participating” in conduct that resulted in a misleading appearance of trading activity or an artificial price for a security.
JANET MCFARLAND – Globe and Mail – Dec. 11, 2015.