The Ontario Securities Commission announced on Thursday that it will commence a new trial against former investment banker Andrew Rankin on 10 counts of “tipping.”

Rankin was charged with 10 counts of tipping and 10 counts of illegal insider trading. He was initially convicted of tipping a childhood friend, Daniel Duic, about pending mergers and acquisitions back in 2005, but he was found not guilty of illegal insider trading. He appealed the convictions, and won that appeal in November 2006.

In the appeal decision, Ontario Superior Court Justice Ian Nordheimer said a lower court judge failed to take into account inconsistencies in the testimony of Duic, the prosecution’s key witness. He set aside the convictions and ordered a new trial. The OSC sought leave to appeal that decision, which was denied.

On Thursday, the commission announced plans for a new trial on the tipping counts. The first appearance in this matter is scheduled for Tues., May 22 at Old City Hall in Toronto.