VANCOUVER, Dec. 27, 2019 /CNW/ - The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a Richmond man who admitted to insider trading involving a Vancouver-based oil and gas exploration company.
Robert Findlay was a consultant for Simba Energy Inc. (now Simba Essel Energy Inc.), which trades on the TSX Venture Exchange, the Frankfurt Stock Exchange and over-the-counter markets in the U.S.
As a result of his work with Simba Energy, Findlay was aware of an upcoming agreement with the Essel Group Middle East. Under the agreement, the Essel Group would fund all future exploration costs of Simba Energy's oil and gas assets in exchange for an interest in those assets.
Findlay bought 300,000 shares of Simba Energy three days before the agreement was announced. If he had sold his shares when it was announced, he would have earned $7,000. This transaction constituted insider trading.
As part of the settlement, Findlay has agreed to pay $20,000 to the BCSC. He is also prohibited for one year from trading or purchasing any securities or exchange contracts of any issuer with whom he is in a "special relationship," as defined by B.C.'s Securities Act.
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
A securities market that is fair and warrants public confidence
A dynamic and competitive securities industry that provides investment opportunities and access to capital