Scott Pilkey

The Ontario Securities Commission approved a settlement agreement with a former vice president regarding allegations of insider trading and failure to disclose a material change.

The respondent admitted to exercising options and selling shares while aware of an undisclosed contract dispute, avoiding a loss of approximately $729,000.

The settlement included a 15-year trading ban, a 15-year ban on acting as a director or officer, and a $150,000 administrative penalty.

The Commission found the settlement to be in the public interest, noting mitigating factors such as the respondent's lack of experience, reliance on the company's CFO, and cooperation with Staff.

The Ontario Securities Commission approved a settlement agreement between Staff and John Bennett, former CEO and chairman of Bennett Environmental Inc. Bennett admitted to failing to disclose a material change regarding a contract dispute and to authorizing misleading disclosure, contrary to the Securities Act.

The Commission found the agreed sanctions, including a ten-year director and officer ban, a reprimand, a $250,000 administrative penalty, and $50,000 in costs, to be proportionate and in the public interest.