The Ontario Securities Commission (OSC) is to consider reciprocating a trading ban ordered by the Alberta Securities Commission (ASC) against a former rep who admitted to engaging in high closing activity.

The OSC said Thursday it will hold a hearing on August 18, to consider making an order against former investment rep, Kris Sundell, banning him from trading until February 20, 2019. Earlier this year, Sundell settled with the ASC, admitting that he breached securities laws by engaging in trading that created a misleading appearance of trading activity in, and an artificial price for, the securities of Teras Resources Inc.

Specifically, he admitted to making numerous uptick trades in the shares of Teras at the close, between January 1 and June 30, 2011. He also admitted that his trading activity was contrary to the public interest.

In the settlement, Sundell agreed to a five year trading ban, to make a $40,000 payment to the ASC, and $5,000 in costs. He cooperated with the ASC’s investigation in the case, and saved the commission the cost of carrying out a hearing by agreeing to settle the case, it noted.