VANCOUVER, Feb. 2 /CNW/ - The executive director of the British Columbia
Securities Commission has issued a notice of hearing that alleges a
former director of a B.C.-based public company caused a foundation he
controls to illegally trade the company's shares.
The notice of hearing says that Anthony Patriarco, a Ferrum, Virginia
resident, was a director of Euromax Resources Ltd. when he learned
about undisclosed material information related to an exploration permit
in Macedonia on Oct. 14, 2009 and Nov. 12, 2009.
The notice says Euromax Resources, a B.C.-based mining exploration
company that lists its shares on the TSX Venture Exchange, did not
disclose this information until July 9, 2010 in a news release.
Furthermore, directors and officers of the company received
instructions that they were not to trade Euromax Resources shares until
the company disclosed the information.
The notice alleges that from Jan. 6, 2010 to March 31, 2010, Patriarco
caused Blue Ridge Educational Foundation to trade 782,000 Euromax
Resources shares, for total proceeds of US $214,015 while he:
knew about the undisclosed material fact concerning the permit.
was in a special relationship with Euromax Resources because he was an
insider of the company.
These allegations have not been proven. Counsel for the executive
director will apply to set dates for a hearing into the allegations
before a panel of commissioners on March 10, 2011.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the notice of hearing on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations,
SOURCE British Columbia Securities Commission
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