The Ontario Securities Commission (OSC) has accused a 28-year old investment bank analyst of insider trading. The OSC alleged that between June 2010 and December 2011, Ming Chao Zhao, also known as Michael Zhao, directed trades in a family member's account based on information obtained through his analyst role. According to OSC documents, Zhao was an investment banking analyst at BMO Nesbitt Burns and was in possession of undisclosed material information about Menu Foods Income Fund, Consolidated Thompson Iron Mines Ltd., Forzani Group Ltd., Pacific Northern Gas Ltd. and Canmarc REIT. "The undisclosed material information about the five reporting issuers was that they were involved in merger and acquisition transactions," the OSC said. "BMO was involved in these M&A transactions as a financial adviser." Zhao used a family member's online brokerage account to purchase securities of the five companies in advance of the public announcement of the merger transactions. After the public
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