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by Mike Caswell

The Ontario Securities Commission has begun proceedings against Christopher Candusso, an Etobicoke resident previously banned from serving as an officer or director, claiming that Mr. Candusso began violating his ban the day it was imposed. The OSC says that Mr. Candusso, who was sanctioned in 2023 for insider trading in on-line gaming listing Amaya Inc., became a director of a company within days of his ban. He also failed to resign from a pre-existing role as a director of another company, according to the OSC.

The allegations are contained in an application that the OSC released on Friday, March 27. The sole respondent is Mr. Candusso, who was fined and banned on Jan. 20, 2023, along with several others for trading ahead of a deal in which Amaya acquired the company that owned the PokerStars brand for $4.3-billion (U.S.). The transaction sent Amaya to $14.08, roughly doubling its price.

While Mr. Candusso's ban was part of a lengthy proceeding involving seven respondents, Friday's matter is relatively straightforward. According to the OSC, Mr. Candusso's ban required him to immediately resign any roles he had as an officer or director. He was not to take on any officer or director positions until his ban ended three years later (on Jan. 20, 2027).

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