Sounds more like business as usual, really, except that someone blabbed.
The OSC investigation goes beyond Mr. Finkelstein and includes a constellation of deal makers, traders and brokers and friends who allegedly parlayed corporate secrets into personal profits. It has not only entangled one of Bay Street's premier law firms but also two of the country’s top banks, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank. The banks and Davies declined to comment on the specifics of the case, but said they were co-operating with the OSC.
Unlike insider trading scandals of the past that centred on individual bankers, executives or low-ranking lawyers, this investigation reaches right into the heart of Bay Street’s deal machinery. The alleged breach of trust at such a senior level casts an unflattering light on Bay Street's ability to police itself.