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by Mike Caswell

The U.S. Securities and Exchange Commission has won $1.16-million in civil sanctions against Cedric Canas Maillard, a Spanish national charged over insider trading in Potash Corp. of Saskatchewan. (All figures are in U.S. dollars.) The SEC said that Mr. Canas traded Potash Corp. ahead of the $40-billion takeover offer that the company received in 2010. He used confidential information he obtained through his job at Banco Santander SA, a large Spanish bank.

The penalties represent the maximum possible sanction against Mr. Canas (who, despite having Maillard as his last name, is referred to throughout court documents as Mr. Canas). His fine includes disgorgement of $278,156 in gains (plus interest of $56,543), as well as a $834,470 civil penalty. The sanctions are contained in a judgment handed down on Aug. 19, 2016, by New York Judge Ronnie Abrams. The decision was by default, as Mr. Canas failed to defend the case. Mr. Canas has 14 days to pay.

In seeking the maximum possible penalties for Mr. Canas, the SEC said that his conduct was egregious and intentional. "Canas was a high-ranking official entrusted by Santander to maintain the confidence of highly confidential information ... and Canas abused that trust by trading in Potash options," a July 14, 2016, motion reads. He learned of the takeover after the suitor, BHP Billiton, approached Banco Santander seeking to raise $10.5-billion to partly finance the acquisition, the SEC said.

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