The Ontario Securities Commission (OSC) announced Tuesday that it will hold a hearing to consider a settlement with Goldcorp chairman, Ian Telfer, over allegations that he “facilitated conduct” by two people accused of insider trading.
The OSC announced that it will hold a hearing on Sept. 20 to consider a settlement with Telfer concerning allegations that it made back in February 2012. The details of the settlement will only be revealed if the OSC approves the proposed deal.
In its original allegations the OSC charged that Telfer helped two people accused of illegal insider trading on how to disguise their ownership of shares and avoiding detection by brokerage firm monitoring of communications and trading. He was not accused of participating in the scheme, which allegedly involved securities industry professionals. Those allegations have not been proven.
At the time, Telfer categorically denied the allegations made by the OSC, saying in a statement that they were “completely without merit”; and stressing that there was no allegation that he breached any securities law, or was involved in any insider trading.