The Financial Post in its Thursday edition wonders why Jowdat Waheed and Bruce Walter faced allegations of illegal insider trade or tipping. The Post's Drew Hasselback writes the likely reason is that there did seem to be something fishy about the investment Mr. Waheed and Mr. Walter made in Baffinland Iron Mines in September, 2010. Mr. Waheed worked very briefly as a consultant for Baffinland in early 2010. After he left, he and Mr. Walter formed a company that bought a "toehold" in the junior miner, then launched a hostile takeover bid, just weeks before Baffinland would announce a friendly takeover by ArcelorMittal. An Ontario Securities Commission panel exonerates both men, and explains why fishy does not cut it when it comes to allegations of insider trading. After more than 50 days of hearings in 2013, the panel says it heard no evidence that either man possessed any insider information about Baffinland or its dealings with ArcelorMittal in 2010. A lot of Canadian insider trading cases hinge on whether those accused can produce a plausible explanation that explains away the fishy circumstances. The OSC insists that pursuing the case against Mr. Waheed and Mr. Walter was the right thing to do.