Former KPMG employee’s father to appear before OSC to settle insider trading allegations

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The KPMG logo sits on their offices in the Canary Wharf business and shopping district, in London.

The father of a former KPMG employee is to appear before the Ontario Securities Commission on Thursday to settle allegations he traded on confidential information given to him by his son.

In a statement of allegations made public Tuesday, the OSC says Fernando Postrado “engaged in insider trading” after receiving confidential undisclosed material information about two companies from his son Andrei Miguel Postrado, who worked in the real estate and construction tax department at KPMG at the time.

“The undisclosed material information… was that each of the Reporting Issuers was going to be bought by another entity,” the OSC document says. The regulator alleges Fernando Postrado, 58, made a profit of more than $100,000 when he bought shares in the companies based on the information and then sold them after the transactions were announced.

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