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CIBC suspends traders accused of insider trading

TORONTO, Nov 12 (Reuters) - Canadian Imperial Bank of Commerce has suspended two employees accused by regulators of insider trading over a three-year period, the bank said on Friday. The Ontario Securities Commission, Canada's largest securities regulator, accused CIBC investment advisers Paul Azeff and Korin Brobrow of trading securities after receiving insider tips from Toronto corporate lawyer Mitchell Finkelstein. "As a result of the charges filed by the staff of the Ontario Securities Commission yesterday, these two individuals have been suspended immediately," CIBC said in a statement. "We have and will continue to co-operate fully with the OSC investigation." Finkelstein, a former partner at Toronto law firm Davies Ward Phillips & Vineberg, is accused of "tipping" -- passing along information -- on four takeovers between 2004 and 2007. The accusations are part of a broad case unveiled late on Thursday that also implicates two employees of Toronto-Dominion Bank, who allegedly received information about the deals from clients of Azeff. Shares of CIBC, Canada's No.5 bank, were down 2.1 percent, or C$1.64 at C$75.30 on the Toronto Stock Exchange, the weakest performer of the country's big banks on Friday. ($1=$1.01 Canadian) (Reporting by Cameron French; editing by Rob Wilson) Keywords: CIBC/TRADING (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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