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In addition to paying a $350,000 penalty and $300,000 in costs, Eda Marie Agueci is permanently banned from trading securities and from working as a registrant in the financial industry.Peter Power/The Globe and Mail

A former executive assistant at brokerage firm GMP Securities LP has been ordered to pay penalties and costs totalling $650,000 and has been banned from working as a registrant in the financial industry.

The Ontario Securities Commission unveiled sanctions Wednesday against Eda Marie Agueci after ruling she improperly tipped three others about takeover deals in 2007 and 2008 while working for the mining group in the corporate finance department at GMP.

In addition to paying a $350,000 penalty and $300,000 in costs, Ms. Agueci is permanently banned from trading securities and from working as a registrant in the financial industry.

An OSC hearing panel said Ms. Agueci knew it was improper to provide tips about takeover deals and she had to certify annually that she understood her firm's confidentiality policies. But the panel said there was also no evidence that she personally profited from her activities.

The OSC also imposed penalties and costs totalling $3.2-million against three of her friends who were found to have engaged in improper insider trading using information from Ms. Agueci.

Dennis Wing, who was chief executive officer of investment dealer Fort House Inc., was ordered to pay $1.75-million in penalties, repay $520,916 in trading profits and pay a further $300,000 in costs for a total of over $2.5-million. Mr. Wing also received a permanent prohibition from working as a registrant in the finance sector.

The hearing panel said Mr. Wing's behaviour was "reprehensible" and said a permanent market ban would serve to protect the public.

"Wing's conduct was egregious," the OSC hearing panel wrote in its sanctions decision. "At the time of his misconduct, Wing was registered as an officer and director of his firm. In addition, he attempted to conceal the impugned trading activity."

Henry Fiorillo, founder of Research Management Group, was ordered to pay total penalties and costs of $575,000, while Kimberley Stephany was ordered to make payments totalling over $47,500.