In Ontario provincial court today, Judge Ramez Khawly sentenced Andrew Rankin to six months in jail on each one of 10 counts of stock tipping. The sentences are to be served concurrently.

At the sentencing, Judge Khawly said: “Andrew Rankin’s behaviour was serious, persistent and fraught with risk to the market.”

On July 15, 2005, the former RBC Dominion Securities investment banker found guilty of stock tipping was found guilty on 10 charges of tipping, contrary the Ontario Securities Act. The Ontario Securities Commission had commenced proceedings against Rankin on February 4, 2004.

The OSC was seeking a jail term of three to five years for Rankin.

The regulator alleged that Rankin illegally gave information to longtime friend Daniel Duic about pending mergers and acquisitions before it was publicly known.

The securities commission alleged that Duic bought and sold shares and/or options in 10 companies, including Canadian Pacific and Moffat Communications, using a pseudonym and through offshore accounts in several jurisdictions.

Rankin, who was managing director of RBC DS’ mergers and acquisitions group from 1999 to 2001, was fired following the firm’s internal investigation.

Duic was charged with 10 counts of insider trading. He reached a tentative settlement with the securities commission’s enforcement staff last year. He was fined $1.9 million, was given a lifetime ban from trading securities and agreed to testify against Rankin.