CALGARY, June 18, 2012 /CNW/ - The Alberta Securities Commission (ASC) has found that Richard Gary Nash, a former officer and director of Liberty Mines Inc., engaged in illegal insider trading and conduct contrary to the public interest. An ASC panel found that on November 10, 2010, Nash sold 1,240,500 shares of Liberty Mines while he was in possession of undisclosed material information that he, the President and CEO of Liberty Mines, had been dismissed by the company's board of directors on November 9, 2010.
The ASC panel found that, while "frustration and anger at his dismissal motivated him to sell" his shares in Liberty Mines, Nash did breach Alberta securities laws by trading Liberty Mines shares before his dismissal was publicly announced. However, the ASC panel concluded that "Nash engaged - misguidedly and imprudently - in a highly emotional response (quickly ridding himself of Liberty Shares) to a very difficult personal situation..." Furthermore, the ASC panel concluded that Liberty Mines contributed to these events through its lack of diligence in halting the trading of its shares or more quickly issuing a news release regarding Nash's dismissal.
As such, Nash signed an undertaking, as sought by the ASC panel, to comply with all Alberta securities laws in the future.
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.
For further information:
For Media Inquiries:
Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1.877.355.4488