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by Mike Caswell
Steven Fishoff, the last defendant in a serial insider trading case involving two Canadian listings, could be headed for a guilty plea. Prosecutors have disclosed that they are in negotiations with Mr. Fishoff and that they are attempting to finalize a plea agreement. A guilty plea would, of course, mean that there would be no need for Mr. Fishoff's trial, which is scheduled to begin on March 19, 2018.
If that trial goes ahead, prosecutors will present a case in which they claim that Mr. Fishoff and others ran a short-selling scheme that included two Toronto Stock Exchange listings. The government says that the men made $3.9-million through the "systematic theft" of confidential information from investment banks. (All figures are in U.S. dollars.) The men posed as managers of large investment funds to get advance information on secondary offerings.
Should Mr. Fishoff plead guilty, he would be the last of five defendants to do so. Three other men, including his brother-in-law, Steven Costantin, admitted to their role in the scheme in 2016. Another defendant, Florida day trader Joseph Spera, pleaded guilty on Dec. 11, 2017, leaving Mr. Fishoff as the final defendant for trial. (The position is an unenviable one, as the government could call on any of his co-defendants to testify against him.)
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