An Ontario Securities Commission panel has upheld Market Regulation Services Inc.’s decision that trader Donald Greco engaged in front-running.

Greco sought a review of RS’s decision against him, which found him guilty of front-running. It imposed a fine of $15,000, $10,000 for costs, disgorgement of $250 and a one-month suspension.

The OSC upheld RS’s ruling, saying the RS panel “did not proceed on an incorrect principle, did not err in law in its interpretation of [its rules], and did not overlook material evidence in failing to make the inference proposed by Greco. There was no new and compelling evidence presented to us that was not before the RS panel. Finally, there is no basis to conclude that the RS panel’s perception of the public interest conflicted with that of the commission.”

It also upheld RS’ sanction order. “The sanction imposed by the RS panel was warranted because of the serious nature of front-running. A reprimand would not be sufficient.”