News Release
BCSC panel orders discontinuance of insider trading hearing against U.S. man
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Date:
2011-12-19 -
Number:
2011/95
Vancouver – A British Columbia Securities Commission panel has ruled that the fact used by commission staff to support allegations of illegal insider trading against a U.S. resident is not material, and has directed commission staff to discontinue proceedings.
In a notice of hearing issued in January 2011, commission staff alleged that Anthony Patriarco traded in shares of Euromax Resources Ltd. while being in a special relationship with the company, and with knowledge of a material fact that had not been generally disclosed.
The fact in question was the expiry of one of Euromax’s mining exploration permits in Macedonia. The panel ruled that the evidence did not show that the expiry of the permit would reasonably have been expected to have a significant effect on the market price or value of Euromax’s securities, and therefore was not a material fact as defined in the Securities Act RSBC 1996, c. 418.
As the expiry of the permit was the only fact that commission staff alleged was material and that Patriarco knew when he traded Euromax shares, the panel directed commission staff to discontinue the proceedings against Patriarco.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing Patriarco or 2011 BCSECCOM 557 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
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