Canadian Lawyer

40 J U N E 2 0 1 5 w w w . C A N A D I A N L a w y e r m a g . c o m scheduled for this month. Penalties could include fines, suspension of registration, a ban on serving as a director of an OSC- regulated issuer, and loss of trading privi- leges in Ontario. Even more potentially damaging to Finkelstein is the possibility of disciplinary action by the Law Society of Upper Canada. The LSUC refuses to comment on any ongoing investigations, however, if a hearing panel finds a lawyer guilty of professional misconduct or con- duct unbecoming, it may impose penal- ties that range from reprimands or sus- pensions, in less serious cases, to disbar- ment, in the most serious circumstances. Both OSC and LSUC sanctions hit law- yers where it counts, says Ben Bathgate, a litigation partner at McMillan LLP. The LSUC, in particular, "hits the lawyer at the very heart of his livelihood." Finkelstein did not return calls from Canadian Lawyer seeking comment for this article. It is unclear whether he has been practising law since he left Davies in 2010, when the OSC allegations were revealed. His home address is listed as his business one in the LSUC's lawyers direc- tory and his status as "in private practice." Gordon Capern, of Paliare Roland Rosenberg Rothstein LLP, represented Finkelstein during the 26-day OSC panel hearing, sent the following to Canadian Lawyer in an e-mail: "We expect to receive instructions to appeal the findings against Mr. Finkelstein. Among other things, the panel's reasons raise serious issues about how the panel used circumstantial evi- dence in reaching its decision." A decision on appeal won't come until after the sanc- tions are determined, he said. The OSC's case against Finkelstein was based on an investigation that did not turn up a smoking gun but found convinc- ing circumstantial evidence. Such evidence is given more weight in insider trading cases than in other offences, says Kovnats, "because most people aren't going to walk up and say, 'I traded on insider information as a tipee.' But the panel's ruling makes clear that where inferences are drawn, they must be 'reasonable and logical.'" To make out a case of insider tipping — which is a subset of insider trading — the prosecution has to show: a special relationship of the tipster to the issuer at the top of the chain; possession of material non-public information; and the provision Go behind the ballot box for a look at the ins and outs of enforcing election rules and promoting voter engagement. Discover how elections work in this collection of articles written by key Canadian and international experts in election law. Co-edited by a former Chief Electoral Officer and the Executive Director of the JPPL, this broad overview sets out all the elements involved in conducting elections in Canada: election administration, voters, political parties, campaigning, campaign finance, election ethics, elections and the media, application of election law, academic analysis, and international aspects. Where appropriate, references are made to election law and court judgments. Bonus issue for JPPL subscribers – This publication is included free of charge in your 2015 subscription. Get an unbiased overview and behind-the-scenes look into the electoral process New Publication The Informed Citizens' Guide to Elections: Electioneering Based on the Rule of Law Co-Editors-in-Chief: Richard Balasko, B.A., M.A., and Gregory Tardi, DJur. Available risk-free for 30 days Order online: www.carswell.com Call Toll-Free: 1-800-387-5164 In Toronto: 416-609-3800 Order # 986464-65203 $93 Hardcover approx. 450 pages May 2015 978-0-7798-6464-5 00226II-A50368 Shipping and handling are extra. Price(s) subject to change without notice and subject to applicable taxes. Special issue – Journal of Parliamentary and Political Law (JPPL)

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