Ian Telfer helped ‘facilitate’ actions in illegal insider tipping and trading scheme, OSC alleges

The Ontario Securities Commission alleges that noted mining executive Ian Telfer helped participants in an alleged illegal insider tipping and trading scheme disguise their trading activities.

In a statement of allegations made public on Tuesday, the OSC names nine individuals and one corporation as being involved in the scheme, which allegedly took place between April 2007 and February 2008.

The OSC alleges the individuals, which include Eda Marie Agueci, an executive assistant to the chairman of GMP Securities, and her brother-in-law, Santo Iacono, traded shares in six mining companies and made profits of about $962,000.

“The respondent Ian Telfer (“Telfer”) did not participate in the scheme but he later facilitated other conduct by Agueci and Iacono including disguising the beneficial ownership of securities and circumventing the monitoring by Agueci’s employer of her communications and trading, all of which was contrary to the public interest,” the OSC alleges.

The allegations have yet to be proven before an OSC hearing.

… more to come