The Ontario Securities Commission (OSC) will hold a hearing next week to consider a proposed settlement with an investor relations professional accused of insider trading.
The OSC issued a notice Friday indicating that it will hold a hearing on May 4 to consider whether to approve a settlement agreement between staff of the commission and Constance Anderson, who worked in investor relations at a junior resource company called Starfield Resources Inc. in 2009 and 2010.
According to the allegations, Anderson purchased securities in two other resource firms, Brett Resources Inc. and Excellon Resources Inc., with knowledge of undisclosed, material facts about those firms. Those allegations have not been proven.
The OSC says that in 2010, Anderson bought shares in Brett Resources after learning of takeover talks with Osisko Mining Corp., where her husband served as a director. That trading, in both her own and her daughter’s trading account, generated a combined profit of $16,118, the OSC alleges.
In 2009, the commission alleges that she also traded on advance knowledge that her husband would be named CEO of Excellon; trading which allegedly generated a profit $2,652.
The terms of the settlement are not public unless they are approved by the commission at its hearing.