Alberta Court of Appeal upholds ASC illegal insider trading decision against Bert Holtby and Randy Kowalchuk, grants appeals by Kenneth Burdeyney, Gayle Walton and John Shepert

CALGARY, Aug. 29, 2014 /CNW/ - The Alberta Court of Appeal has released its reasons for dismissing appeals brought by John Herbert Holtby and Randall George Kowalchuk relating to an Alberta Securities Commission decision.  In its reasons, the Court did allow the appeals of Kenneth Michael Burdeyney, Gayle Marie Walton and John Jacob Shepert.

The Court of Appeal upheld the ASC's findings that Bert Holtby engaged in illegal insider trading, and upheld two of the three findings he tipped other investors.  It was held in the third instance that Holtby did not tip the investor. The Court also upheld the ASC's finding that Holtby concealed or withheld information from the ASC, but dismissed an allegation he illegally encouraged another investor.  The Court upheld the ASC's finding against Kowalchuk.

The Court of Appeal also directed the ASC to reconsider its sanctions decisions against Holtby and Kowalchuk.

A copy of the Court decision can be found on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488