CALGARY , March 6, 2015 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with three members of the same family in connection with illegal insider trading and tipping.
Under the Settlement Agreement, Travis Hurst, along with family members Bryant Hurst and Terry Hurst, agreed to cease trading in securities and derivatives for five and three years respectively, and jointly paid the ASC $140,000.
Travis Hurst admitted that he had received material information from a friend whose sister worked for a company planning a bid for an Alberta-based oil and gas company. He shared the information with two family members and all of them bought shares before the takeover proposal was made public. Additional family members also bought shares upon being encouraged to do so by Travis Hurst.
Collectively, family members made a profit of more than $91,000 as a result of their timely trading. In the Settlement Agreement, the three respondents admitted that they failed to comply with Alberta securities laws and that their actions were contrary to the public interest.
The ASC gave recognition to the family members' acceptance of responsibility and previously clean record with the ASC.
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: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488