CALGARY, Jan. 26 /CNW/ - The Alberta Securities Commission (ASC) and the
Autorité des marchés financiers (AMF) have concluded a settlement with Calgary
resident Fadi Hurani regarding allegations that he engaged in illegal insider
trading of Spectra Energy Income Fund and Synenco Energy Inc. securities.
In the settlement agreement, Hurani admitted he became aware of material
facts not generally disclosed to the public during his employment in Calgary
with TD Securities Inc. Armed with that information, Hurani executed trades in
Spectra Energy Income Fund and Synenco Energy Inc. securities through a
relative's account in Montreal, Quebec. Hurani earned profits of approximately
Hurani agreed to pay $236,946.40 to settle the allegations against him
and $20,000 in costs, which will be paid in equal portions to the ASC and AMF.
Hurani also undertook to cease trading in securities for seven years.
"We are very glad to have had this opportunity to work with the Alberta
Securities Commission to resolve this case," says President and Chief
Executive of Autorité des marchés financiers, Jean St-Gelais. "The joint
investigation turned out favourably and this Settlement and Undertaking is a
good demonstration of our abilities to collaborate to protect the public
across the country."
A copy of the settlement agreement is posted on the ASC website at
www.albertasecurities.com and on the AMF website at www.lautorite.qc.ca.
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. The AMF is the regulatory
and oversight body for Québec's financial sector. As members of the Canadian
Securities Administrators, the ASC and the AMF work to improve, coordinate and
harmonize the regulation of Canada's capital markets.
For further information:
For further information: For Media Inquiries: Mark Dickey, Alberta
Securites Commission, (403) 297-4481; Sylvain Théberge, Autorité des marchés
financiers, (514) 940-2176; For Investor Inquiries: ASC Public Inquiries, Toll
Free 1-877-355-4488; AMF Information Center; Toll Free 1-877-525-0337