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Streetwise newsletter: The week’s best reads: Western Energy, insider trading, iShares

Bank towers are shown from Bay Street in Toronto's financial district, on Wednesday, June 16, 2010.

The Canadian Press

OSC alleges Davies law firm employee involved in insider-trading ring

A former legal assistant at a blue-chip law firm was at the centre of an insider-trading ring that made $2.5-million over more than four years on takeovers involving companies such as Tim Hortons Inc. and Valeant Pharmaceuticals International Inc., according to Ontario regulators. Story

Western Energy taps Alberta fund for $215-million loan

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Alberta's pension fund manager is pumping more cash into the province's battered oil drillers. Western Energy Services Corp. said on Friday that it has tapped the Alberta Investment Management Corp. for a $215-million loan, marking the third time the fund manager has supported a Calgary-based service company since oil prices collapsed. Story

Real estate deals a growing focus for FinTRAC

Canada's anti-money laundering watchdog is seeing increased reporting of suspicious transactions involving Vancouver real estate as awareness of the warning signs improves, but important blind spots remain. Story

New head of iShares Canada to lead deeper adoption of ETFs

Pat Chiefalo is stepping in as the new head of iShares Canada, as ETF veteran Warren Collier takes on a global role. Effective Oct. 2, Mr. Collier will take on a new role as the global head of index and data strategy for iShares, while Mr. Chiefalo will take over as head of iShares, BlackRock Canada. Story

TD Securities readies for prime time in the U.S.

At the main offices of TD Securities Inc. in New York, some 250 people buzz around on its trading floor – a patch of real estate once occupied by German colossus Deutsche Bank AG. The Canadian bank-owned dealer is bulking up – even as some of its foreign competitors pull back. Story

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Fireweed looks to raise $40-million in rare energy IPO

A small natural gas producer is launching an initial public offering, a rarity in a market that for months has shunned almost all things energy. Fireweed Energy Ltd., which concentrates on drilling in the Montney region of British Columbia, has filed a preliminary prospectus to raise $40-million in an offering underwritten by National Bank of Canada and Cormark Securities Inc. Story

Ottawa real estate firm Sakto faces allegations of money laundering

Lawyers for a Swiss advocacy group pursuing allegations of financial crimes against an Ottawa real estate company are turning to Ontario's courts to obtain sensitive financial records from three Canadian banks and a major accounting firm. Story

Gluskin Sheff CEO steps down, Jeff Moody appointed new chief

Gluskin Sheff + Associates Inc. has tapped Jeff Moody as its new chief executive officer, replacing financial-services veteran Tom MacMillan after little more than a year. The Toronto-based asset-management company also announced a fat one-time payment to shareholders, as it puts its significant cash hoard to work, not long after turning the page on a high-profile legal dispute with its co-founders. Story

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Cenovus nears sale of Alberta natural gas assets to pay down debt

A private company led by a onetime senior executive at Cenovus Energy Inc. is leading a bid to acquire a major Alberta natural gas property from his former employer, a deal that could be worth up to $600-million, sources say. Story

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