The Ontario Securities Commission filed a notice of appeal with the Superior Court of Justice on Friday regarding the sentence imposed on Andrew Rankin.

Rankin was sentenced to six months jail on each of 10 counts of insider tipping to be served concurrently.

In the notice of appeal the OSC suggested that:

  • the trial judge imposed a demonstrably unfit sentence of six months, where the maximum sentence was two years on each of the 10 counts, in light of the repeated insider tipping by the Rankin and his senior position of trust;

  • the trial judge erred by giving undue weight to the limited benefits enjoyed by Rankin relative to Daniel Duic who traded on the insider tips provided by Rankin; and
  • by imposing concurrent sentences, the trial judge failed to properly assess the separate and distinct aspects of the Rankin’s conduct in relation to the 10 counts of insider tipping and the 14 month period of time over which the misconduct took place which warrant consecutive sentences.

A date for the appeal has not yet been set.