The Ontario Superior Court of Justice has denied an appeal of Bay Street lawyer Mitchell Finkelstein and three others who were found by regulatory officials to have engaged in illegal insider trading and tipping.
In its ruling, the court concluded that fines, cost recoveries and profit clawbacks totalling $2.5 million imposed on the four men were reasonable.
The orders were made in August 2015 by the Ontario Securities Commission, which found that Finkelstein provided tips to Azeff, a longtime friend, on three major deals between 2004 and 2007.
The OSC said Azeff, a CIBC investment adviser, then passed the tips to others.
Finkelstein was ordered by the OSC to pay an administrative penalty of $450,000 along with $125,000 towards the cost of the commission's investigation and hearing.
Azeff was fined $750,000, ordered to pay $175,000 in costs and told to disgorge about $50,000 in profits.
They were each barred from trading in any securities, other than in their own registered accounts, for 10 years, and permanently banned from becoming a director or officer of a public company.
The court allowed the appeal of a fifth accused, Man Kin (Francis) Cheng, who had faced a fine of $200,000 and costs of $25,000.
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