The Ontario Securities Commission has imposed a $150,000 fined on stockbroker Jefferson Banfield improper trading, the regulator announced today.

Banfield is the former trading and advising officer of Banfield Capital Management Inc. He has not been registered under Ontario securities law since December 2001.

Under the settlement agreement, Banfield agreed his conduct was contrary to Ontario securities law and contrary to the public interest, the OSC said in a news release

The settlement agreement related to trading engaged in by Banfield on behalf of the BCM Arbitrage Fund.

Banfield acknowledged he had engaged in short sales of shares after Banfield Capital was solicited to invest in special warrants offerings on behalf of the fund before general disclosure of the offering, violating insider trading rules of the Securities Act.

Banfield made a voluntary payment of $150,000 to the OSC and was ordered to pay $50,000 as a portion of the costs of the investigation.

He was also ordered not to trade in securities for two years, received a reprimand and agreed not to apply for registration in any capacity under Ontario securities law for five years.