Anthony Ianno Settles with the Ontario Securities Commission

TORONTO – 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 $50,000.

A copy of the Settlement Agreement and Order of the Commission in this matter are available on the OSC website at www.osc.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.ca.

 

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