Staff of the Ontario Securities Commission and the respondent entered into a settlement agreement regarding the respondent's trading transgressions.
The Commission held a hearing to determine whether to approve the settlement.
The Commission found the settlement to be a rational, reasonable, and sensible resolution, noting that the transgression was explainable given the respondent's mental condition at the time.
The Commission approved the settlement, ordering a one-year prohibition on the respondent trading in securities of issuers where he is an officer, director, or insider, followed by permanent trading restrictions regarding GLR Resources unless done through a registrant or lawyer/accountant.
The respondent was also ordered to pay an $8,000 administrative penalty.
