CHARTS: EV battery metals bill sets new low as lithium, nickel, cobalt price slump continues
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The Ontario Securities Commission (OSC) has reached a settlement agreement with Ian Telfer, chair of Canadian Goldcorp, who admits his conduct during a private share transaction was contrary to the public interest.
The Canadian mining magnate will be dinged $200,000 and is banned for a year from trading the securities of issuers for which he is a promoter.
“Your conduct fell below the standard required of you as a senior market participant and was contrary to the public interest,” Christopher Portner of the OSC told Telfer during the settlement meeting.
Telfer admitted admitted to advising Ed Marie Agueci of GMP Securities to use instant messaging rather than email in discussing securities trading, and to telling Agueci not to purchase specific shares using her real name.
Telfer secretly told Agueci “to buy 500,000 shares of a shell company called 222 Pizza Express Corp,” the Financial Post reports. The value of the shares jumped up from $5,000 to $500,000 “after the shell was converted into a large mining royalty firm called Gold Wheaton Gold Corp.”
The Telfer case is being called “a sideshow” of a much larger insider trading probe involving Agueci.
2 Comments
apple
Telfer was also accused of helping Agueci buy shares of a company he was
helping launch as a private share offering to a small group of
investors. Agueci asked for the shares to be put into a private
brokerage account set up in the name of her brother-in-law. The OSC said
Telfer should have known it was wrong to participate in a transaction
“in which the beneficial owner of the shares was falsified.”
The action of putting shares into someone else’s when you are balcked out from trading is illeagla and fraudualant. Tlefer should be charged with asssisting fraud.
No retail or small investor will want to participate in markets that are rigged by the insiders. this group shoud be charged under the criminal code.
JH
The fine of $200,000 is less than 50% of the profit made. She can back hand him his share and they are gboth still ahead.
Nice work if you can get it.
Anyone know any websites such as CrooksRUs.com or UnprincipledDealsDoneDirtCheap.org, or Dumb&Dumber.regulators.gov?