The Ontario Securities Commission is set to hear an application from Andrew Rankin, a former investment banker who was banned from the industry amid insider trading allegations.

The OSC said Thursday that it will hold a hearing on Feb. 17 to consider an application by Rankin for a variation or revocation of an OSC decision in February 2008, approving a settlement between him and the regulator.

In that settlement, Rankin was permanently restricted from registration, permanently prohibited from becoming a director or officer of any registrant or reporting issuer, he agreed to cease trading for 10 years (apart from mutual funds and ETFs), and he agreed to pay $250,000 towards the OSC’s investigation costs.

The settlement came after Rankin was charged with, and initially convicted of, 10 counts of tipping a childhood friend with insider information. That conviction was later overturned on appeal, the convictions were set aside, and a new trial ordered. The OSC sought to appeal that decision, and was denied. Rather than holding a second trial it agreed to a settlement with Rankin.

IE