OSC sanctions former RIM VP

A panel of the Ontario Securities Commission has released its Reasons and Decision on Sanctions and Costs with respect to Paul Donald.

The decision stems from “allegations related to Donald’s conduct while he was a Vice President of Research in Motion.”

In an August 1, 2012 decision on the merits, the Commission concluded that, although Donald did not breach subsection 76(1) of the Act, his conduct related to the purchase of securities of Certicom was contrary to the public interest.

In yesterday’s decision, the OSC panel made protective orders prohibiting Donald from becoming or acting as an officer or director of a reporting issuer for five years and requiring Donald to pay $150,000, representing a portion of the cost to the OSC incurred in investigating and litigating the matter. The panel did not order a ban on trading in or acquiring securities.

A copy of the Reasons and Decision on Sanctions and Costs and the Reasons and Decision on the Merits are available here.

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