CALGARY, June 4, 2012 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Cornerstone Capital Resources Inc. president and Chief Executive Officer Glen McKay and former investment advisor Floyd Weiner engaged in illegal insider trading and tipping related to Cornerstone Capital Resources securities.
ASC staff allege that between August 2010 and January 2011, McKay used a number of nominee accounts to purchase Cornerstone Capital Resources stock when he possessed undisclosed material information related to the company's Ecuadorian mining operations. ASC staff also allege that McKay passed undisclosed material information to Weiner, whose clients included a private company controlled by McKay, and that Weiner subsequently purchased Cornerstone Capital Resources stock for his own benefit and encouraged others to do likewise.
An appearance to set a date for a hearing will be held on July 10, 2012, at 9:30 a.m. in the ASC Hearing Room on the 5th floor, 250 - 5th Street S.W., Calgary, Alberta.
A copy of the Notice of Hearing can be found 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.
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