CALGARY, Feb. 9 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Dwight Lester and Kimberley McAra-Lester in connection with allegations that they engaged in illegal insider trading of Insta-Rent Inc. securities in 2008.
Under the settlement agreement, Lester and McAra-Lester together paid the ASC approximately $25,000 to settle the allegations against them and $2,800 towards costs.
In the settlement agreement, Lester admitted that while acting as Director of Finance of easyhome Ltd., he learned that easyhome planned to offer to purchase all outstanding shares of Insta-Rent at a price substantially higher than the price at which Insta-Rent shares were trading prior to the offer. Lester also acknowledged he informed McAra-Lester of the purchase plan before it was generally disclosed.
McAra-Lester admitted that she purchased 60,000 Insta-Rent shares after Lester informed her of the easyhome purchase plan before it was generally disclosed and acknowledged selling the shares for a profit of $16,525.
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