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by Mike Caswell

Richard Bruce Moore, the former CIBC World Markets managing director facing insider trading charges, has accepted financial penalties of $504,628 (Canadian) and $341,191 (U.S.). He agreed to the fines to settle allegations that he bought shares of two companies while knowing they would receive takeover offers. In one case he learned of a takeover through an errant e-mail, and in the other he learned of it through a chance social encounter.

The penalties, announced Tuesday, result from parallel enforcement actions that the Ontario Securities Commission and the U.S. Securities and Exchange Commission launched against Mr. Moore, 49. In the OSC settlement, he has accepted a 15-year ban from working in the investment industry, while in the U.S. he has accepted a permanent ban. Although he did not admit to any wrongdoing in the U.S., his deal with the OSC includes an agreed statement of facts in which he has admitted to using confidential information for personal profit. "Specifically, he admitted that his actions fell below the standard of behaviour expected of someone in his position and given his extensive capital markets experience," the OSC settlement states.

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