The Ontario Securities Commission has fined Andrew Cheung $5,000 for failing to file insider trading reports on 21 trades on a timely basis.

At a hearing today, the OSC approved a settlement agreement between staff of the Commission and Cheung.

Cheung agreed that on 21 occasions between November 2003 and October 2004, he failed to file reports. The trades were executed by Global Genius Investments Ltd., a company beneficially owned by Cheung.

The commission panel ordered that Cheung pay an administrative penalty of $5,000, and pay $3,500 towards the cost of the investigation and the proceeding.

“This is a simple case, but an important one,” said OSC Enforcement Director Michael Watson. :Insiders of reporting issuers have a clear requirement to file insider trade reports on a timely basis. Mr. Cheung acknowledges that he did not file reports for 21 trades executed over an 11 month period.”

“The street should take note that there is a new vigilance on the part of staff when individuals fail to report their trades. We can and will bring cases quickly to a hearing and resolution under our simplified process,” added Watson, noting the unreported trades occurred as recently as October 2004.

Watson also noted that this case is the first in which the OSC has imposed an administrative penalty on an individual, under new powers that were granted to the Ontario regulator in April 2003.