January 6, 2010, Stanko Grmovsek was sentenced to three months in prison and three years to make a profit of about $ 9,000,000 over 14 years based on insider advice from his best friend from law school, Gil Cornblum . Grmovsek and Cornblum had operated a scheme of insider trading from 1994 to 2008. Using his role as a corporate attorney at several law firms, Cornblum had passed nonpublic information to Grmovsek 46 times, then sold illegally using brokerage accounts in the Bahamas and Ontario. The October 27, 2009, Grmovsek pleaded guilty to all charges against him in both Canada and the United States after a joint investigation by the Securities and Exchange Commission (SEC) and the Ontario Securities Commission (OSC).
by
Stephen R. Foerster,
Michael R King,
Fatma Sonmez
Source: Ivey Publishing
7 pages.
Release: September 11, 2012. Prod #: W12191-PDF-ENG
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