The Ontario Securities Commission has reached a tentative settlement with Bennett Environmental Inc. founder and former CEO John Bennett over allegations of misconduct.

Bennett was accused in May of failing to disclose material facts, issuing untrue information and misleading OSC staff.

The OSC announced today the proposed settlement will be considered at a hearing next Wednesday. No details are to be released before then.

This follows an OSC settlement in June with the company’s then-CEO, Allan Bulckaert, who agreed to pay $64,165 over the sale of 5,900 Bennett Environmental shares in June 2004, shortly before the company disclosed that a major contract had encountered problems.

The OSC went after Bulckaert, along with Bennett and two other former executives, for failing to disclose legal problems with a big contract announced in mid-2003 to treat creosote-contaminated soil in New Jersey.

The company did not disclose the contract dispute until July 22, 2004, after which its stock price fell by half.