Goldcorp chair settles with OSC for $200,000

By Staff | September 20, 2013 | Last updated on September 20, 2013
2 min read

The chair of Goldcorp has agreed to pay $200,000 to the OSC.

The regulator has approved a settlement agreement reached between staff and Ian Telfer, who admitted his conduct fell below the standard expected from someone in his position, particularly given his extensive experience at senior levels in the capital markets industry, and was therefore contrary to the public interest.

Telfer admitted to advising Eda Marie Agueci, who worked for GMP Securities and was therefore subject to strict rules for monitoring of her communications and personal trading, to use BlackBerry PIN messages instead of email “with very close friends” saying, “Messages don’t go to the GMP server. They go straight to blkberry”. Agueci subsequently used BlackBerry PIN to communicate with others in relation to trading securities.

Telfer acknowledged that it was not proper to advise someone working for a registrant to use BlackBerry PIN where those messages would not be monitored by their employer.

Telfer also admitted to having advised Agueci not to purchase shares of a private share transaction in her name, which resulted in a transaction where the beneficial owner of the shares was not disclosed. The shares were purchased for $5,000 and subsequently sold for approximately $500,000.

Telfer acknowledged that he ought to have known there was a real risk Agueci might have a beneficial interest in those shares that was not monitored by her employer as required, and that, if Agueci’s interest in or trading authority over the shares had been disclosed, her employer’s compliance department would have been able to monitor that trading.

Telfer received a reprimand from the Commission and must pay $200,000 toward the cost of Staff’s investigation. Telfer also undertook not to directly or indirectly, trade, or arrange for trading by others, in securities of issuers of which he is a promoter for a period of one year, and not to seek or accept indemnification or reimbursement from any person, company, or other legal entity in respect of the costs ordered against him. staff


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