The Ontario Securities Commission has laid insider trading and tipping charges against a former executive of Agnico-Eagle Mines Ltd.

The OSC alleges Barry Landen, former vp of corporate affairs at Agnico-Eagle, tipped acquaintance Stephen Diamond in September and October, 2003, to information that had not been publicly disclosed.

Landen is also accused of selling shares of Agnico-Eagle during the same period.

The quasi-criminal charges were laid in provincial court rather than as an administrative case heard before an OSC tribunal.

That means Landen could face a maximum penalty of five years in jail and a fine of $5 million or three times any profit earned on insider trading.

The OSC also laid insider trading charges against Diamond.

The OSC alleges Landen told Diamond in 2003 about an undisclosed “material fact” about Agnico-Eagle. The commission says Landen also sold securities of Agnico on Oct. 10 and Oct. 24, 2003, while in possession of undisclosed information.

Although a trial date has yet to be fixed, the first appearance in Court is scheduled for December 7.