Mark Valentine, who was at the centre of the Bermuda Short operation, was taken to task yet again by securities regulators yesterday.

The former chairman of bankrupt brokerage firm Thomson Kernaghan & Co. Ltd. was found guilty of breaking a cease trade order last July.

An existing trading ban against Valentine was extended by the Ontario Securities Commission until July 31.

The ban prevents him from trading in securities, with certain exceptions.

Because he broke an earlier ban by trading in futures contracts last July, Valentine is now required to report any trading activity in which he engages that is allowed under the exemptions.

"Mr. Valentine must now provide copies of all of his monthly brokerage account statements to staff of the commission, and close all brokerage accounts not held directly in his name," the OSC said in a statement.

Last August Valentine was arrested in Germany after a two-year sting operation code-named Bermuda Short.

Six other Canadians, including former Vancouver lawyer and financial consultant Martin Chambers, were arrested on charges of stock fraud and money laundering.

Valentine has pleaded not guilty to the charges.

Before last summer's arrest, he was already on the hot seat with the OSC over allegations that he engaged in improper trading activity while serving as chairman of Toronto-based Thomson Kernaghan. He has also denied those charges.