drew, that Finkelstein disclosed this material non-public infor-
mation to Azeff. The Panel had before it the following telephone
(a) The home telephone records of Finkelstein and Azeff. Those
records only show long distance calls but since Finkelstein
lived in Toronto and Azeff lived in Montreal, they provide
more assistance than might normally be the case.
(b) The cellphone records for Finkelstein and Azeff.
(c) The telephone records of Davies. Those records, however,
proved to be of little value as they did not track toll-free
calls. Consequently, with one minor exception, those records
did not capture any outgoing calls that Finkelstein might
have made from his office at Davies to Azeff.
(d) The telephone records of CIBC. Azeff worked for CIBC.
Unfortunately, the CIBC records were only available from
November 2006. They are consequently of no direct assistance regarding what might have happened in 2004 regarding the Masonite transaction.
 The evidence before the Panel was that Finkelstein and
Azeff usually communicated from their places of work. It was
not from their homes, and it was not on their cellphones.
 The Panel made reference to four calls that occurred in the
early morning hours of November 17 where Azeff made four
attempts, in about a 45-minute period, to reach Finkelstein. In
three instances, Azeff called Finkelstein on his cellphone and in
one instance he called Finkelstein’s home. Two of the calls to
Finkelstein’s cellphone were for 30 seconds (the minimum call
time for his cellphone at the time) and the other was for 36 seconds. The call to the home phone was also 30 seconds. I accept the
point made by Finkelstein that nothing can be taken from these
calls because it is not established that any of these calls led to
 There was another call from Azeff to Finkelstein’s home on
November 19 at 7:20 a.m. that lasted for four minutes and 48 seconds. Finkelstein did not remember this call, but said it was not
likely with him because he would have left for work prior to 7:00
a.m. Azeff said it was a call from him to Finkelstein’s wife, whom
he often chatted with because they were the social organizers for
their respective spouses. Finkelstein’s wife was not called as
 The November 19 call is of some consequence, because
it was two hours later, at 9:24 a.m., that Azeff and Bobrow