TORONTO - Goldcorp chairman Ian Telfer has settled a case with the Ontario Securities Commission and agreed to pay $200,000 in investigation costs.
In addition to the payment, Telfer will also not trade shares in any company that he's promoting for one year, although he can acquire shares.
The case is related to Telfer's assistance to a long-time friend, who is alleged to have been a central figure in an illicit trading scheme involving shares of several companies, including a predecessor of Gold Wheaton Gold Corp.
Under the settlement agreement, Telfer said he advised Eda Marie Agueci in January 2008 on how to use her BlackBerry to send messages that couldn't be monitored by her employer, GMP Securities, an investment dealer with access to insider information.
Telfer also provided Agueci the opportunity to buy 500,000 common shares of 222 Pizza Express Corp. in April 2008, and advised her they shouldn't be purchased in her own name.
The company then went through a reorganization and became Kadywood Capital Corp. and then Gold Wheaton.
The OSC alleges Agueci's brother-in-law bought the shares for $5,000 and that they ultimately yielded a return of more than $500,000. The proceeds were allegedly used to purchase shares of other issues on GMP's restricted list.
Telfer acknowledged in the settlement that in hindsight his conduct fell below the standards required of him, but stated he believed his conduct was proper at the time.
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