CALGARY, June 22 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Kenneth Lyle Chobotuk, Vice-President of Exploration for Groundstar Resources Ltd., regarding allegations of illegal insider trading of Vast Exploration Inc. securities. Chobotuk paid the ASC $25,000 to settle the allegations and $8,000 towards investigation costs. Chobotuk also undertook to cease trading in or purchasing securities, with some exceptions, for a period of two years and to refrain from acting as a director or officer of any issuer for a period of one year.
In the settlement agreement, Chobotuk admitted he had knowledge of undisclosed material information relating to a significant oil and gas production sharing contract involving Groundstar Resources and Vast Exploration when he bought 45,000 shares of Vast Exploration between May 13 and 20, 2008. The accrued gain of Chobotuk's share purchases was $14,000.
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: Lorinda Brinton, Senior Advisor, Investor Education, 403-297-2665; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488