The Ontario Securities Commission today charged a former executive of RBC Dominion Securities and a friend of his with 10 counts of illegal insider trading.

Andrew Rankin, who was managing director of mergers and acquisitions for the Royal Bank-owned brokerage from 1999 to 2001, will be tried under the provincial Securities Act, the OSC said. Rankin, who was fired after the allegations first came to light, has also been charged with 10 counts of “tipping,” contrary to provincial law.

Daniel Duic, identified by the commission as a friend of Rankin’s, is alleged to have made trades based on material received from Rankin that had not been publicly disclosed.

A panel of the OSC will hold a hearing March 3 to determine whether to approve a settlement between the commission’s enforcement staff and Duic.

The OSC said a trial for Rankin will be held in an Ontario court at a date that has yet to be set.