Proceedings Commenced Against Andrew Rankin and Daniel Duic

TORONTO - Enforcement Staff of the OSC announced today that proceedings have been commenced against Andrew Rankin. Mr. Rankin was Managing Director of the Mergers and Acquisitions group at RBC Dominion Securities in the period 1999 to 2001. He has been charged with 10 counts of insider trading, together with Daniel Duic, and 10 counts of 'tipping' contrary to sections 76(1) and 76(2) of the Securities Act. The trial will proceed under s.122 of the Act in Provincial Court at Old City Hall on a date yet to be set.

In addition, the Office of the Secretary to the Commission issued a Notice of Hearing along with a Statement of Allegations of Staff against Daniel Duic. Allegations are made that Mr. Duic committed insider trading contrary to s.76(1) of the Act based on material information received from Mr. Rankin that had not been publicly disclosed. A hearing will take place on March 3, 2004 before the Ontario Securities Commission to determine whether it is in the public interest for the Commission to approve a settlement agreement entered into by Enforcement Staff and Mr. Duic.

The charges against Mr. Rankin (Appendix A to the Information) and the Notice of Hearing and the Statement of Allegations against Mr. Duic are available at www.osc.ca.

The investigation into these matters was commenced as a result of a referral from Market Regulation Services Inc.

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For Media Inquiries:

Michael Watson
Director, Enforcement Branch
416-593-8156

For Investor Inquiries: Call the OSC Contact Centre
(416) 593-8314
1-877-785-1555 (Toll Free)

 

APPENDIX "A"
(TO THE INFORMATION RESPECTING
CHARGES AGAINST ANDREW RANKIN)

• In or about the months of October, 2000 to February, 2001, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Canadian Pacific Railway Limited ('CP'), did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to CP before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Securities Act, R.S.O. 1990, c.S.5, as amended (the "Act").
• In or about the months of October, 2000 to February, 2001, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Canadian Pacific Railway Limited ('CP'), did purchase securities of CP, together with Daniel Duic, with the knowledge of a material fact or material change with respect to CP that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of November and December, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Moffat Communications Inc., did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Moffat Communications Inc. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of November and December, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Moffat Communications Inc., did purchase securities of Moffat Communications Inc., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Moffat Communications Inc. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of March to July 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Canadian Satellite Communications Inc., did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Canadian Satellite Communications Inc. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of March to July, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Canadian Satellite Communications Inc., did purchase securities of Canadian Satellite Communications Inc., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Canadian Satellite Communications Inc. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the month of August, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Clearnet Communications Inc., did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Clearnet Communications Inc. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the month of August, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Clearnet Communications Inc., did purchase securities of Clearnet Communications Inc., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Clearnet Communications Inc. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of May and June 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Prudential Steel Ltd., did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Prudential Steel Ltd. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of May and June 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Prudential Steel Ltd., did purchase securities of Prudential Steel Ltd., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Prudential Steel Ltd. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of May and June, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Winspear Diamonds Inc., did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Winspear Diamonds Inc. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of May and June, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Winspear Diamonds Inc., did purchase securities of Winspear Diamonds Inc., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Winspear Diamonds Inc. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of February and March, 2001, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Irwin Toy Limited, did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Irwin Toy Limited before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of February and March, 2001, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Irwin Toy Limited, did purchase securities of Irwin Toy Limited, together with Daniel Duic, with the knowledge of a material fact or material change with respect to Irwin Toy Limited that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of December, 1999 to February, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Donohue Inc., did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Donohue Inc. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of December, 1999 to February, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Donohue Inc., did purchase securities of Donohue Inc., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Donohue Inc. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of April and May, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship withCobequid Life Sciences Inc., did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Cobequid Life Sciences Inc. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of April and May, 2000, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Cobequid Life Sciences Inc., did purchase securities of Cobequid Life Sciences Inc., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Cobequid Life Sciences Inc. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.
• In or about the months of September, 2000 to March, 2001, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Alliance Forest Products Inc. did inform, other than in the necessary course of business, Daniel Duic, of a material fact or material change with respect to Alliance Forest Products Inc. before the material fact or material change had been generally disclosed, contrary to subsections 76(2) and 122(1)(c) of the Act.
• In or about the months of September, 2000 to March, 2001, at the City of Toronto and elsewhere in the Province of Ontario, being a person in a special relationship with Alliance Forest Products Inc., did purchase securities of Alliance Forest Products Inc., together with Daniel Duic, with the knowledge of a material fact or material change with respect to Alliance Forest Products Inc. that had not been generally disclosed, contrary to subsections 76(1) and 122(1)(c) of the Act.