Goldcorp Chairman Telfer Linked to OSC Insider-Trading Investigation

Ian Telfer, chairman of Goldcorp Inc. (G), was linked to an investigation into insider trading by the Ontario Securities Commission.

Telfer’s name was included in an OSC statement of allegations regarding illegal insider tipping and trading between April 2007 and February 2008 by Eda Marie Agueci, who worked as executive assistant to the chairman and the mining group of the investment banking department of GMP Securities. The “scheme” involved trading in the securities of six companies and yielded profits of about C$962,000 ($967,000), Canada’s main securities regulator said.

The OSC also accused others of insider trading, including Agueci’s brother-in-law Santo Iacono.

Telfer “did not participate in the scheme but he later facilitated other conduct by Agueci and Iacono including disguising the beneficial ownership of securities and circumventing the monitoring of Agueci’s employer of her communications and trading, all of which was contrary to the public interest,” the OSC said.

“I was not part of any scheme,” Telfer said today in a telephone interview. “I did no improper trading and I’m very surprised at the tack they’ve taken in saying I did something contrary to the public interest.”

“It’s not uncommon for people to ask, when they are acquiring shares, to put them in the name of a relative,” he said. “It happens all the time and there’s nothing wrong with it.”

Transaction Prohibition

The OSC said that “Telfer had agreed with Agueci to keep that share purchase transaction secret and to have another name (Iacono’s) associated with the private share offering.”

Agueci was prohibited from engaging in undisclosed securities transactions as an employee of an investment banking or brokerage firm, the OSC said. Calls to the two E. Aguecis listed in the Canadian telephone directory weren’t answered. Calls to the nine S. Iaconos listed in the directory didn’t make contact with Iacono.

Agueci has been suspended pending the outcome of this matter, Rocco Colella, a GMP Capital spokesman, said in an e- mail. “Ms. Agueci’s alleged activities are in clear contravention of GMP’s compliance policies and procedures,” Colella said. GMP is cooperating with the investigation, he said.

The allegations have yet to be heard before the OSC. A hearing has been scheduled for March 21.

To contact the reporter on this story: Liezel Hill in Toronto at

To contact the editor responsible for this story: David Scanlan at

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