A panel of the Capital Markets Tribunal has approved the Ontario Securities Commission’s (OSC) Settlement Agreement with Jessica Tam in relation to an insider trading scheme. Ms. Tam was involved in an insider trading scheme with two individuals who recently entered a settlement agreement with the OSC on September 30, 2025.
In 2021, Ms. Tam obtained material non-public information about an acquisition of Score Media & Gaming Inc. (Score) from Huy Le (Alvin) Huynh, who was a vice president at Score. Ms. Tam participated in an insider trading scheme devised by Huynh, who offered to provide funds and instructions for trades made in her account, in return for 80% of the trading profits. Ms. Tam was to retain the balance of 20% of the profits for herself. Huynh’s spouse, Thi Ang Nguyet (Nancy) Pham, was a long-time friend of Ms. Tam and was aware of the plan to trade in Score.
“Insider trading erodes public trust in our capital markets and undermines the integrity of our financial system,” said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC. “The OSC will continue to protect investors by taking action against individuals who seek to exploit confidential or market sensitive information.”
Ms. Tam admitted that she engaged in insider trading, contrary to s. 76(1) of the Securities Act. She will be subject to a 2-year market ban, including a ban from trading in securities or derivatives, subject to personal carve-outs. Ms. Tam has also disgorged C$120,000 of the total profits made. She was given credit for cooperation pursuant to the OSC Staff Notice 15-702 Revised Credit for Cooperation Program for cooperating fully with the investigation, including undertaking to testify as a witness in any future enforcement proceeding.
A copy of the Settlement Agreement is available on the website of the Capital Markets Tribunal.
The mandate of the OSC is to provide protection to investors from unfair and improper practices and to foster fair, efficient and competitive capital markets. Insider trading and tipping are a scourge on capital markets. Advantages gained from undisclosed inside information, like those gained by the respondent are unfair to counterparties. They erode the public’s trust in the efficiency and integrity of our capital markets.
