The Royal Canadian Mounted Police (RCMP) Integrated Market Enforcement Team (IMET), the Ontario Securities Commission (OSC) and the United States Securities and Exchange Commission (SEC), FINRA, IIROC and the Manhattan DA have all teamed up to expose the insider trading of Stanko Joseph Grmovsek.
Gromovsek and his old law school pal Gil Cornblum generated millions from insider trading before the announcement of mergers or acquisitions generally in Canada. Cornblum would communicate the particulars of impending corporate transactions and Grmovsek would engage onshore and offshore entities to undertake profitable speculative positions in the associated securities. The two of them would split the loot.
It is no exaggeration to state that the methods used by both Grmovsek and Cornblum come right out of the techniques employed by Dennis Levine, Ivan Boesky and other investment banking hoodlums of the 1980s. It would appear that both men took copious notes from Dennis Levine's "Inside Out" autobiography, fantastically believing that such archaic methods would succeed in the high-tech environment of 1996-2008, the time period of their shenanigans.
The chief weapon of sea pirates, however, was their capacity to astonish. Nobody else could believe, until it was too late, how heartless and greedy they were.
- Kurt Vonnegut (1922 - 2007), Breakfast of Champions
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