TORONTO - Goldcorp chairman Ian Telfer has been cited by the Ontario Securities Commission in a recent insider trading probe. The allegation is that Telfer helped participants (including his long-time friend Eda Marie Agueci) in an alleged illegal insider tipping and trading scheme to hide their trading activities.
The OSC said that Telfer is not accused of participating in the tipping and trading scheme, but rather of helping the alleged participants to disguise their ownership of securities and of circumventing the efforts of Agueci's employer to monitor her communications and trading. The allegedly illegal trading took place between April 2007 and February 2008.
In a statement released Tuesday, Telfer categorically denied the OSC allegations. He plans to mount a vigorous defense and expects to be fully exonerated.
None of the allegations have been proven. The OSC (OSC.gov.on.ca) has set a March 21 hearing date.