Tariffs-Free Regulatory Importing?
Asad Akhtar
resources are likely incomparable to the persuasiveness of “hearing people describe in their own
words what they did or what they were intending to do.”154
The use of wiretaps as an investigative tool have proved pivotal in the American
experience. Since its initial use in 2006, American law enforcement have heavily relied on the
tool to secure numerous insider-trading convictions and uncovering additional frauds that would
otherwise continue undetected.155 In demonstration, U.S. Attorney Preet Bharara brought
seventy-nine insider trading convictions between 2009 and early 2014 with a perfect conviction
rate.156 During this same time period, the OSC was only successful in obtaining jail sentencing
for one individual.157
The OSC has lobbied the federal government to amend the Criminal Code but the change
remains to be seen.158 In support, the amendment has been recommended by Ontario’s Ministry
of the Attorney General, and the Uniform Law Conference of Canada – the committee
responsible for recommending Criminal Code Amendments.159
Barbara Shecter, “Insider trading case against former top lawyer Mitchell Finkelstein takes aim at ‘heart of Bay
Street”, Financial Post (September 27, 2014) online: Financial Post .
155
http://www.forbes.com/sites/jordanmaglich/2013/05/21/once-reserved-for-drug-crimes-wiretapping-takes-centerstage-in-white-collar-prosecutions/
156
Arshy Mann, “To find out why the OSC wants to start running wiretaps, ask a convicted trader”, Canadian
Business (March 31, 2014) online: Canadian Business .
157
Ibid.
158
Barbara Shecter, “OSC seeks wiretap powers to go after insider traders”, Financial Post (March 27, 2014) online:
Financial Post .
159
Supra note 140.
154
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