CALGARY, Dec. 29 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with William Bint, a retired senior employee of a major energy company, in connection with allegations that he engaged in illegal insider trading of Canadian Quantum Energy Corporation securities in May 2008.
Under the settlement agreement, Bint paid the ASC $234,000 to settle the allegations against him, plus $5,000 towards costs. Bint also undertook to cease trading in securities and refrain from using any Alberta securities laws exemptions for three years.
In the settlement agreement, Bint admitted that he was aware of impending business agreements between a corporation related to Canadian Quantum and a third party which would result in Canadian Quantum acquiring a potentially valuable shale gas property in the Province of Quebec. He admitted that he purchased shares of Canadian Quantum before the agreements were made public. By doing so, Bint realized a profit of approximately $156,000.
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.
SOURCE Alberta Securities Commission
For further information: 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