Canadian securities regulators investigating insider trading at Ontario-based graphics chipmaker
have frozen an offshore bank account alleged to contain at least $1.26 million in ill-gotten profits.
The Ontario Securities Commission alleges that Jo-Anne Chang, previously the director of investor relations, and her husband, David Stone, committed illegal insider trading through an offshore entity in 2000.
The commission believes a total of six individuals may have been involved with insider trading at ATI, including Kwok Yuen Ho, the founder of ATI, who was chief executive officer between Sept. 1, 1999, and Aug. 31, 2000.
A hearing into the alleged insider trading is scheduled to take place between Feb. 17 and March 10. If it is determined that insider trading took place, those involved may be forced to disgorge their ill-gotten gains.
ATI shares closed up 27, cents or 1.9%, at $14.75 in Tuesday trading.