The Ontario Securities Commission is taking a second kick at Glen Harvey Harper, founder of Golden Rule Resources Inc.

The OSC will hold a hearing to consider whether it is in the public interest to make an order banning Harper from trading and from serving as a corporate officer or director.

Harper was convicted of insider trading in his company’s stock, and in 2000, following a four week trial before Mr. Justice Patrick Sheppard of the Ontario Court of Justice, he was sentenced to a period of one year imprisonment for each offence to be served concurrently and to a total fine of $3,951,672.

Harper’s appeal from conviction was dismissed Jan 7, 2002 by Mr. Justice Frank Roberts of the Superior Court of Justice. Harper’s appeal from sentence was allowed: the term of imprisonment was reduced to six months on each count concurrent; the fine was reduced to $2 million. A cross-appeal as to sentence brought by the commission was dismissed.

The commission sought leave to appeal the decision of Roberts respecting the sentence imposed (both the term of imprisonment and the fine). The commission’s application for leave to appeal the sentence was granted Jan 21, 2002, but only in respect of the fine portion of the sentence. But, on Oct. 31, 2003 the Court of Appeal for Ontario dismissed the commission’s appeal from sentence and declined to interfere with the fine of $2 million imposed by the summary conviction appeal judge.