Canada: OSC Alleges Insider Trading Against Celestica Employee Who Improperly Accessed Management Emails

The Ontario Securities Commission has charged Rajeev Thakur, a former employee of Celestica Inc., of improperly accessing and profiting from the e-mails of senior management by buying and selling shares based on information in the emails. The Province reports that at the time Thakur is alleged to have made the trades, between 2003 and 2005, he was manager of integrated services and director of business processing outsourcing strategies at Celestica.

The OSC alleges that Thakur obtained “unauthorized” access to the email of every person employed at Celestica from his sister, who was employed in the company’s IT department.  This included “access to the e-mail of senior management and executives concerning Celestica’s pending public announcements, which provided Thakur with knowledge of material information about Celestica at the time he made the trades,” the OSC stated.  Through this trading, Thakur allegedly earned profits of over $600,000.

Read the article in The Province