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by Mike Caswell

The Ontario Securities Commission has imposed a two-year ban and a $120,000 disgorgement order on Jessica Tam, one of those cited for an insider trading scheme with Score Media & Gaming Inc. in 2021. The OSC claimed that Ms. Tam bought options in Score Media before a $2-billion (U.S.) takeover agreement became public. She did so based on information she received from a friend who was the company's vice-president of finance, according to the OSC.

The penalties for Ms. Tam are contained in a settlement approval that the OSC released on Tuesday, Nov. 5. The $120,000 that Ms. Tam has agreed to pay represents disgorgement of her gains from the scheme. The two-year ban bars her from trading securities and derivatives.

The case, as set out by the OSC, arises from Ms. Tam's part in a scheme arranged by a Mississauga man, Huy Le Huynh. According to the OSC, Mr. Huynh was Score Media's VP of finance in 2021 when the company was negotiating a takeover with Nasdaq listing Penn National Gaming. Mr. Huynh learned of the deal about a month before it became public.

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