TORONTO, Sept. 2, 2011 /CNW/ - The Ontario Securities Commission ("OSC")
today approved a settlement agreement reached between Staff and Anthony
Ianno, who admitted to conduct contrary to the public interest relating
to his trading in shares of Covalon Technologies Ltd. ("Covalon").
Anthony Ianno admitted that, in the period between June 2007 and April
2008, he purchased approximately 4 million Covalon shares.
Approximately 2.7 million of those shares were held in brokerage
accounts that were subject to margin requirements. This means that the
shares were purchased on credit advanced by a brokerage and secured
against the value of shares held in his trading accounts.
Anthony Ianno admitted that, during this time, he engaged in certain
trades near the close of the trading day, which had the effect of
maintaining and/or increasing the closing price of Covalon shares to a
price that would not affect margin eligibility. Mr. Ianno knew that
such trading might assist with margin requirements in his own accounts
and potentially in the accounts of others.
Under the settlement agreement, Anthony Ianno is banned from trading
securities (subject to certain exceptions) for a period of five years.
He is also prohibited from becoming an officer or director of a public
company, or a promoter for a period of five years. Anthony Ianno has
agreed to make a payment of $50,000 towards the Commission's costs of
the investigation in this matter, and a further voluntary payment of
A copy of the Settlement Agreement and Order of the Commission in this
matter are available on the OSC website at www.osc.gov.on.ca.
The mandate of the OSC is to provide protection to investors from
unfair, improper or fraudulent practices and to foster fair and
efficient capital markets and confidence in capital markets. Investors
are urged to check the registration of any person or company offering
an investment opportunity and to review the OSC's investor materials
available at www.osc.gov.on.ca.
SOURCE Ontario Securities Commission
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