CALGARY, July 7 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Charles Alexander Mark Lenko and his company, Kylskap Creek Holdings Ltd., regarding allegations of illegal insider trading.
In the settlement agreement, Lenko and his company admitted to breaching Alberta securities laws when Lenko caused his company to purchase 20,000 shares of Profound Energy Inc. with knowledge not generally disclosed that his employer, Paramount Energy Trust, was in talks to acquire Profound Energy. Kylskap Creek Holdings realized a profit of $10,400 when it sold its Profound Energy shares four days after a news release announced the acquisition of Profound Energy by Paramount Energy Trust.
Under the settlement agreement, Lenko and Kylskap Creek Holdings paid the ASC $15,600 to settle the allegations and $4,750 towards costs. Lenko and Kylskap Creek Holdings also agreed to cease trading in or purchasing securities for a period of two years.
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