Piergiorgio Donnini, a former head trader at Yorkton Securities Inc., has acted in contravention of the Ontario Securities Act and contrary to the public interest, according to a finding by an Ontario Securities Commission panel.

Specifically, the panel found that in early 2000, Donnini had knowledge of a potential financing for Kasten Chase Applied Research Limited that had not been disclosed to the public. Donnini traded in KCA shares while he had this information and therefore acted contrary to the public interest, says the panel.

A hearing has been set for July 11 to hear submissions regarding sanctions for Donnini. The OSC will release the reasons for its decision after appropriate sanctions have been determined.