OSC charges ex-Agnico executive

Former vice-president accused of insider trading, tipping Regulator also alleges accountant guilty of insider trading

The Ontario Securities Commission has filed a charge of insider trading against a former executive of Agnico- Eagle Mines Ltd.

Barry Landen, former vicepresident of corporate affairs, has been charged with one count of insider trading and one count of “ tipping.” Both are violations of the Ontario Securities Act. The OSC alleges that in October 2003, Landen sold AgnicoEagle securities based on information about the company that was not generally disclosed at the time. The other charge against Landen mentions Stephen Diamond, a chartered accountant.

In September and October of 2003, Landen allegedly gave Diamond information about the company that was not public. Reached by phone yesterday, Landen said he had no comment. Diamond has also been charged with one count of insider trading. The OSC alleges that, in October 2003, Diamond allegedly bought securities of Agnico- Eagle based on information that had not been made public yet.

Calls to Diamond’s office yesterday were not returned. The OSC described Diamond as “ a person in a special relationship with Agnico- Eagle.”

DavidGarofalo, Agnico- Eagle’s vice-president of finance and chief financial officer said Diamond had never worked for the company. “ We don’t know who he is,” said Garofalo. Landen worked for Agnico- Eagle for more than 20 years until Dec. 2004 when he “ was terminated with cause,” Garofalo said.

In Nov. 2004, the OSC told the company it was investigating an executive regarding insider trading. Garofalo refused to comment about whether Landen’s dismissal was linked to the OSC investigation. The charges Landen and Diamond face could potentially result in jail time. The first court date is scheduled for Dec. 7.