The Ontario Securities Commission has announced a new set of sanctions against Barry Landen, who has already been sentenced to jail time and fined of $200,000 after being found guilty of insider trading.

Landen, former vice president of corporate affairs with Agnico-Eagle Mines Ltd., was found guilty in October 2008 of insider trading in securities of the company. Justice Rebecca Shamai of the Ontario Court of Justice found that Landen sold Agnico-Eagle shares in October 2003 while in possession of undisclosed material information.

He avoided losses of $115,000 through the trades, according to the Ontario Securities Commission.

In January 2009, Landen was sentenced to 45 days in jail, and ordered to pay a fine of $200,000.

It was the first time in nearly a decade that an individual was ordered to serve jail time as the result of an OSC investigation involving insider trading. In 2000, Glen Harvey Harper, the former president, CEO and chairman of Golden Rule Resources Ltd., served six months in prison for two counts of insider trading.

On Tuesday, the OSC announced additional sanctions against Landen, following up on a hearing held in February. The new order is intended “to protect investors in this jurisdiction from future unfair or improper conduct by Landen,” the OSC said in its Reasons for Decision.

Under the sanctions, Landen is prohibited from acquiring and trading in securities for 12 years, except for trading in his own, or his spouse’s registered retirement savings plans and/or income funds. The trading must be carried out through a registered dealer, and through accounts opened in his name only, and he is prohibited from owning more than 1% of the class of securities in question, the OSC said.

The OSC also ordered Landen to resign any positions he holds as a director or officer of a reporting issuer, registrant or investment fund manager. He is prohibited from acting in any of these positions, and from acting as a promoter, for 12 years.

IE