The Ontario Securities Commission (OSC) announced September 20 that it has approved a settlement agreement with Goldcorp chair Ian Telfer, who admitted his conduct was contrary to the public interest in a share-offering transaction.
Telfer admitted to advising a friend, Eda Marie Agueci, who worked at a brokerage firm, to use BlackBerry instant messages instead of company email when discussing securities trading, as this form of communication would not be traceable.
In addition, Telfer admitted to advising Agueci not to purchase shares of a private transaction in her name, resulting in the shareowner's name not being disclosed. The shares were purchased for $5,000 and sold for $500,000.
A statement from the OSC said, "Telfer acknowledged that he ought to have known there was a real risk Agueci might have a beneficial interest in those shares that was not monitored by her employer as required, and that, if Agueci's interest in or trading authority over the shares had been disclosed, her employer's compliance department would have been able to monitor that trading."
Telfer has received a formal reprimand and has agreed to pay $200,000. In addition, he will not be permitted to trade securities of issuers of which he is a promoter for one year.
