A hearing panel of Market Regulation Services Inc. has approved a settlement agreement with a former BMO Nesbitt Burns broker John Scott concerning allegations of manipulative trading.

The panel found that between Feb. 1, 2000 to July 5, 2000, Scott manipulated the share price of Helix BioPharma Corp. by purchasing shares at successively higher prices and the creating artificial prices. Scott also engaged in an off market transaction in the shares of HBP.

Under the terms of the settlement, Scott is suspended from access to the marketplaces regulated by RS for two years, and must pay a fine of $125,000 to RS.

He must also pay an additional $53,756.85, representing the financial benefit to him as a result of the contraventions, as well as $35,000 towards the cost of the investigation.

At the time of the infractions, Scott was employed as an investment advisor at the Oakville branch of Nesbitt. His employment with Nesbitt was terminated in January 2002.

Scott has no prior record of regulatory infractions, and is currently employed with National Bank Financial Inc.