IIROC orders pair implicated in high-profile insider trading case to immediately ‘cease dealing with the public’

Regulators have ordered two men in the centre of a high-profile insider trading case to “cease dealing with the general public immediately.”

The Investment Industry Regulatory Organization of Canada (IIROC) convened an expedited hearing Jan. 28 to do this against Paul Azeff and Korin Bobrow, who was simply working in a brokerage in Quebec.

IIROC, which registers and monitors dealers and advisors, also ordered a “suspension of approval” of Azeff and Bobrow.

In 2010, the pair was distracted by an insider tipping and trading probe conducted through the Ontario Securities Commission.

They were release by their firm, CIBC Wood Gundy in Montreal, and began working at Euro Pacific Canada in March of 2011, based on an IIROC filing.

Last March, the OSC found that Bobrow and Azeff had engaged in tipping and illegal insider trading in the case involving Azeff’s university pal, Mitchell Finkelstein, who was simply working at prominent Toronto law practice Davies Ward Phillips & Vineberg LLP

All three guys have appealed the OSC’s findings and sanctions against them.