ASC Settles Illegal Insider Trading Allegations with Geological Consultant
CALGARY, June 9 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Robert George Bain regarding allegations of illegal insider trading of Vast Exploration Inc. securities. Under the settlement agreement Bain paid the ASC $11,000 to settle the allegations and $8,000 towards costs. Bain also agreed to cease trading in or purchasing of securities for a period of 15 months.
In the settlement agreement, Bain, a geological consultant for a business partner of Vast Exploration, admitted he had knowledge of undisclosed information relating to a significant oil and gas production sharing contract when he bought 20,000 shares of Vast Exploration on May 16, 2008. The accrued gain of Bain's share purchases was $6,400.
A copy of the settlement agreement is posted 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 to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.For further information: For Media Inquiries: Lorinda Brinton, Senior Advisor, Investor Education, (403) 297-2665; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488