The Ontario Securities Commission has approved settlement agreements reached with Andrew Currah, Colin Halanen, Warren Hawkins and Joseph Damm regarding frequent trading in shares of Findore Minerals Inc.

Currah and Halanen were frequent traders of Findore Minerals Inc., a junior resource company that was listed on the Canadian Dealing Network Inc. Currah was a president of Findore. During his tenure and subsequently, Currah was a promoter of Findore’s shares. He hired Halanen to respond to inquiries from investors and potential investors. While filling those roles, Currah and Halanen each made hundreds of trades in Findore shares, each using several brokerage accounts at a number of different brokerage firms. Currah and Halanen admit that they made certain trades that were contrary to the public interest.

Of Currah’s trades, 48 trades were among brokerage accounts controlled by him. Of Halanen’s trading, 14 of the trades were made between brokerage accounts that he controlled. There was also trading between brokerage accounts controlled by Currah and Halanen, respectively. Of these trades, numerous trades occurred at a higher price than the preceding reported trade in Findore’s shares.

Currah and Halanen attempted to hold as many Findore shares as possible, in order to participate in an anticipated increase in the price of Findore’s shares. Currah and Halanen each traded among their own accounts for the purpose of reducing or eliminating debit balances that had accumulated in their brokerage accounts. Currah also made trades to support the price of Findore’s shares in the face of short selling by others.

In attempting to intervene in the marketplace in order to reverse the effects of trading by others, Currah admitted to the OSC that he interfered with the operation of an arm’s length public market for Findore’s shares. Currah and Halanen also admitted that they should have known that certain trades among accounts that they controlled could have a misleading appearance as to market activity for Findore’s shares.

During this period, Damm and Hawkins were registered representatives employed by Research Capital Corp. At the time, Research Capital was an approved market maker for Findore’s shares on the CDN. Damm and Hawkins were registered reps for Currah and Halanen and processed hundreds of trades in accounts controlled by Currah and Halanen. Damm and Hawkins took orders from Currah, Halanen and others which would form the basis for their market making activities, including setting the bid and offer prices for Findore shares. In using the market making facility in this manner, Damm and Hawkins admit that they failed to ensure that they were acting independently of the promoter of Findore shares and acted in a manner contrary to the public interest.

In approving the settlement agreements, the OSC ordered, among other things, that Currah and Halanen respectively cease trading in securities for a period of 10 years and five years, subject to certain exceptions.

The OSC also ordered that Currah be permanently prohibited from acting as a director or officer of an issuer and that he pay costs in the amount of $45,000. Halanen was also ordered to pay costs in the amount of $15,000.

Under the terms of their settlement agreements, Hawkins and Damm agreed to surrender their registrations with the OSC. Hawkins agreed to not reapply to the Commission for registration for a period of five years and Damm agreed to not reapply for registration at any time in the future. Damm agreed to pay costs in the amount $15,000.

OSC staff have withdrawn related proceedings against Penny Currah and Nicholas Weir.