Following submissions on the sentencing of Andrew Rankin in provincial court in Toronto yesterday, Judge Ramez Khawly reserved his decision, adjourning the sentencing hearing to October 27.

The Ontario Securities Commission is seeking a jail term of three to five years for Rankin, the former RBC Dominion Securities investment banker found guilty of stock tipping.

On July 15, Rankin was found guilty of 10 counts of giving illegal stock tips to a friend, but not guilty on 10 charges of insider trading.

Rankin could face a sentence of up to two years in jail and fines of up to $1 million on each of the 10 counts.

The OSC had commenced proceedings against Rankin on February 4, 2004.

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.