CALGARY, March 23, 2017 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Edmonton resident Khalid Jawhari for trading securities of Artek Exploration Ltd. on a tip from a friend.
In the Agreement, Jawhari admitted he purchased 41,500 shares of Artek on February 20, 2015, through a numbered company, following text and telephone discussions with long-time friend Aouad Choufi. Choufi, then employed as an exploitation engineer with Kelt Exploration Ltd., informed Jawhari that Kelt was looking at Artek, that it was a good buy, and that he (Choufi) was buying shares.
Three days after Jawhari's purchase, on February 23, 2015, Artek/Kelt announced that Kelt was acquiring all the outstanding shares of Artek, at a 61 per cent premium to its then average trading price. Jawhari sold his Artek shares on February 23 and 25, for a profit of $39,868.
Under the Agreement, Jawhari paid the ASC $59,802 (1.5 times the profit he earned from his trading), plus $7,500 in investigation costs. He also agreed to cease trading in securities for three years, except through a single account, with a registrant having possession of the Agreement. Choufi settled with the ASC on February 10, 2016, paying $76,290 and accepting a six year cease trade order.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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 Media Inquiries: Nicole Tuncay, Senior Communications Advisor, 403.297.4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488