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Canadian Imperial Bank of Commerce

Former BMO Analyst to Pay C$1.2 Million to Settle Insider-Trading Charges

A former investment-banking analyst at a unit of Bank of Montreal (BMO) agreed to pay a total of 1.2 million Canadian dollars ($1.2 million) among other penalties to settle insider-trading charges, as Canada's biggest securities regulators continue to clamp down on inappropriate trading activity.The Ontario Securities Commission alleged that Ming Chao Zhao used insider information on five separate takeovers in which his firm was an adviser between June 2010 and December 2011, while employed as an investment-banking analyst at BMO. The commission said Mr. Zhao generated illicit profits of C$416,719 by trading stock ahead of announcement of the deals and then selling the securities when their prices rose following public disclosure of the transactions."Our insider trading and market abuse team is establishing momentum in detecting and pursuing cases of illegal insider trading," Tom Atkinson, the OSC's enforcement director, said in a statement.Mr. Zhao couldn't immediately be reached for ...

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