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Ontario Regulator Dismisses Appeal by Rankin to Revoke Sanctions

Nov. 22 (Bloomberg) -- The Ontario Securities Commission dismissed an application by former RBC Capital Markets investment banker Andrew Rankin to revoke sanctions imposed on him after he acknowledged tipping a friend about upcoming mergers.

“We find that Rankin has not satisfied the onus of establishing sufficient grounds for us to revoke the Commission order approving and giving effect to the Rankin settlement agreement,” the OSC said today in a statement. “In our opinion, to order a revocation of the Rankin settlement agreement in these circumstances would be prejudicial to the public interest.”

Rankin, who was a managing director in the mergers and acquisitions department of RBC Dominion Securities in Toronto, settled with the regulator in 2008 after he allowed a friend, Daniel Duic, access to confidential information about 10 pending corporate transactions.

He agreed to a lifetime ban from serving as a director or officer of a public company, according to a settlement approved by the Toronto-based regulator. The commission agreed to withdraw criminal charges.

Rankin had told an OSC panel that he wouldn’t have agreed to the settlement if he had known details of the commission’s investigation into Duic’s activities following the agreement that gave Duic immunity from prosecution in exchange for testifying against Rankin.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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