CALGARY, June 18, 2012 /CNW/ - The Alberta Securities Commission (ASC)
has found that Richard Gary Nash, a former officer and director of
Liberty Mines Inc., engaged in illegal insider trading and conduct
contrary to the public interest. An ASC panel found that on November
10, 2010, Nash sold 1,240,500 shares of Liberty Mines while he was in
possession of undisclosed material information that he, the President
and CEO of Liberty Mines, had been dismissed by the company's board of
directors on November 9, 2010.
The ASC panel found that, while "frustration and anger at his dismissal
motivated him to sell" his shares in Liberty Mines, Nash did breach
Alberta securities laws by trading Liberty Mines shares before his
dismissal was publicly announced. However, the ASC panel concluded
that "Nash engaged - misguidedly and imprudently - in a highly
emotional response (quickly ridding himself of Liberty Shares) to a
very difficult personal situation..." Furthermore, the ASC panel
concluded that Liberty Mines contributed to these events through its
lack of diligence in halting the trading of its shares or more quickly
issuing a news release regarding Nash's dismissal.
As such, Nash signed an undertaking, as sought by the ASC panel, to
comply with all Alberta securities laws in the future.
A copy of the decision and undertaking 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 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
SOURCE Alberta Securities Commission
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