VANCOUVER, June 23 /CNW/ - A British Columbia Securities Commission panel
ordered two Quebec residents to pay $38,871 in penalties and banned them from
trading or purchasing securities for one year after finding that they
illegally purchased the securities of a publicly traded issuer.
During a BCSC hearing, Kegam Kevin Torudag and Lai Lai Chan admitted to
purchasing the shares of Icon Industries Limited, a TSX Venture Exchange
issuer, about two and a half hours before the company announced a mineral
acquisition on March 13, 2007. They also admitted that they were in a special
relationship with the company at the time, and they knew about the
On March 11, 2009, a BCSC panel found that Torudag and Chan illegally
traded on insider information because they failed to reasonably establish that
material facts about Icon's mineral acquisition had been generally disclosed
to the market when they purchased the securities.
In its sanctions decision, the commission panel banned Torudag from
buying or selling securities or exchange contracts, except in limited
circumstances, until June 18, 2010 and ordered him to pay $36,771.
The commission panel prohibited Chan from purchasing and trading
securities or exchange contracts, except in limited circumstances, until June
18, 2010, and she must pay $2,100. Chan is also banned from acting as a
director or officer for the same period of time, and must complete a course of
study on the duties and responsibilities of directors and officers.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view the decision on our website www.bcsc.bc.ca by typing in the
search box, Kegam Kevin Torudag or Lai Lai Chan or 2009 BCSECCOM 339. If you
have questions, contact Ken Gracey, media relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education
For further information:
For further information: Ken Gracey, (604) 899-6577 or (Canada)