The Ontario Securities Commission (OSC) today accused Daniel Duic of breaking the terms of a $1.9 million settlement agreement he signed in 2002 over illegal insider trading connected with former Toronto investment banker Andrew Rankin.

In its statement of allegations, the OSC said that Duic breached a cease trade order by conducting a number of stock trades last year through brokerage accounts in Toronto at TD Waterhouse Canada Inc.

The OSC has called a public hearing on the allegations for August 19.

In 2002, Duic admitted receiving illegal stock tips from Rankin, who was managing director of mergers and acquisitions at RBC Dominion Securities from 1999 to early 2001.

In November 2006, an Ontario judge threw out the illegal stock-tipping convictions against Rankin, and sent the case back to a lower court for a new trial.

In February 2008, the OSC decided not to pursue criminal charges Rankin.

Rankin and the OSC agreed on a settlement settlement that imposed a lifetime ban from the securities business on Rankin, and required him to pay $250,000 toward costs incurred in the investigation.