OSC Names Goldcorp Chairman In Connection With Insider-Trading Probe

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TORONTO (Dow Jones)--The Ontario Securities Commission Tuesday named Ian
Telfer, chairman of large-cap gold miner Goldcorp Inc. (G.T) in connection with
an alleged illegal insider-trading scheme.


The OSC, Canada's largest securities regulator, said that Telfer didn't
participate directly in the alleged scheme, which the agency alleged took place
between April 2007 and February 2008. But the agency alleged he helped others
carry out activity related to the scheme, including hiding the beneficial
ownership of some of the stock traded during the period.


In a statement, Telfer said he "categorically denied" the OSC allegations.


The alleged insider trading generated profits of C$962,000, ($962,000) the OSC
said in its statement of claim.


The probe comes as the OSC has stepped up efforts to clamp down on illegal
activity in Canada's capital markets. At the same time, securities regulators in
the U.S. have pursued a raft of high-profile insider-trading cases.


The OSC, in its statement of allegations, claims Eda Marie Agueci was the
central figure behind the illegal activity. Agueci was employed as an executive
assistant to the chairman of GMP Capital Inc., (GMP.T) a Toronto-based dealer,
and the firm's mining-investment bank group.


The commission alleges that Agueci passed on non-public information on pending
corporate deals to others, including relatives, allowing them to trade the
relevant stocks to generate profits. In return, these people would pay Agueci
for the information. Agueci received payments totaling C$25 million, the OSC
alleged.


The commission also alleges Agueci bought securities, using insider
information, in her own account and in the name of her mother.


The OSC alleges Telfer helped Agueci disguise ownership of certain securities,
and circumvent GMP from monitoring Agueci's communications and trading.


A GMP spokesman wasn't immediately available for comment. A Goldcorp
spokeswoman couldn't immediately be reached.



-By Ben Dummett; Dow Jones Newswires; 416-306-2024; ben.dummett@dowjones.com