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by Mike Caswell

New York broker Ronald Smith has pleaded not guilty to charges arising from insider trades in Toronto Stock Exchange listing Score Media Inc. ahead of the $2-billion takeover of the company in 2021. (All figures are in U.S. dollars.) Prosecutors claim that he realized $500,000 from the trades while brokerage clients realized $5-million. Mr. Smith learned about the deal through an associate who was in a relationship with an executive assistant at an investment bank, the government says.

Mr. Smith, 37, entered his plea in an appearance on Tuesday, April 14, before a federal judge in New York. He pleaded not guilty to all eight counts that he faces, which include securities fraud, wire fraud, falsification of records and conspiracy. The judge previously allowed Mr. Smith to remain free until trial on a $1-million appearance bond.

The plea comes about two weeks after the charges against Mr. Smith became public, with an indictment filed by federal prosecutors and a parallel civil complaint brought by the U.S. Securities and Exchange Commission being released on March 30, 2026. The case, as set out by the SEC, stems from a chain of inside information that came from a woman who was employed as an executive assistant at an investment bank that worked on the Score Media takeover. The SEC said that the woman shared an apartment with a man named Steven Teixeira (who has since pleaded guilty to related charges).

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