The Ontario Securities Commission has approved a settlement agreement reached by staff of the commission with Jonathan Carley regarding unlawful insider trading in the shares of Finline Technologies Ltd.

Carley was a person in a special relationship with Finline. He admitted that he purchased securities of Finline with knowledge of a material fact or change with respect to Finline that had not been generally disclosed. Carley also admitted his conduct was contrary to the public interest.

Carley was the manager of corporate development with Finline. On Feb. 2, 2000 with knowledge that Finline had exercised its option to purchase Impress Image Compression Inc., which information was not generally disclosed, he purchased 30,500 shares of Finline. Carley sold the shares after the news of the pending acquisition was made public and made a profit of $59,600.

The Commission reprimanded Carley and made an order prohibiting him from trading in securities for 18 months. Carley made a voluntary payment to the OCS of $89,400 which is 11/2 times the profit he made and paid $20,000 towards the commission’s costs.

http://www.osc.gov.on.ca