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One of Canada’s best-known mining executives, Goldcorp Inc. chairman Ian Telfer, is seeking to settle allegations brought against him by the Ontario Securities Commission. Mr. Telfer was not accused of insider tipping or trading. Instead, the OSC alleged that he acted “contrary to the public interest” by helping an old friend, the executive assistant to the chairman of GMP Securities LP, disguise her scheme.
The case against Eda Marie Agueci and eight others is scheduled to begin at the OSC’s headquarters in Toronto on Sept. 30. Ms. Agueci is described by the OSC in a statement of allegations last year as the “central figure” in the scheme.
None of the allegations have been proven. In a brief statement Tuesday, Canada’s biggest capital markets regulator said it has set aside time on Friday morning “to consider whether it is in the public interest to approve a settlement agreement entered into by Staff of the Commission and Ian Telfer.”
In the statement of allegations last year, the OSC alleged that Mr. Telfer advised Ms. Agueci to communicate using her BlackBerry’s PIN-based messaging service to keep her activities secret from GMP. The securities regulator also alleged Mr. Telfer helped Ms. Agueci facilitate a secret trade in a small mining company.
In a brief interview Tuesday, Mr. Telfer said he could not comment on the specifics of the settlement unless it is approved on Friday. Asked whether he expects the settlement, if approved, to allow him to continue with his current business responsibilities, Mr. Telfer replied: “Yes.”
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