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News Release

BCSC settles with two B.C. residents for failing to disclose their trades and shareholdings accurately

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Vancouver – The British Columbia Securities Commission (BCSC) has reached a settlement agreement with a current and a former executive of a B.C.-based mineral exploration company for failing to accurately disclose their trades and shareholdings.

Richard Ryan Penn is the Chief Executive Officer and Roman Reuven Rubin is the former Chief Financial Officer and Secretary of Black Tusk Resources Inc., which trades on the Canadian Securities Exchange. Penn, who is a resident of Surrey, and Rubin, who is a resident of Burnaby, were also directors of the company.

As insiders of the company, Penn and Rubin were required to report their trades in its securities on the publicly accessible System for Electronic Disclosure by Insiders (SEDI). Between January 2018 to December 2020, Penn failed to report 87 per cent of the transactions he engaged in that were required to be filed, involving shares valued at $1,155,947. Over the same time period, Rubin failed to report 96 per cent of the transactions he engaged in that were required to be filed, involving shares valued at $646,566.

Penn and Rubin also failed to file early warning reports and failed to issue news releases when their holdings of Black Tusk’s common shares decreased.

In addition, Black Tusk falsely stated the amount of shares that Penn and Rubin held. By doing so, the company made a false or misleading statement in a required filing. As directors, Penn and Rubin are liable for this misconduct.

As part of the settlement, Penn paid $75,000 and Rubin paid $65,000 to the BCSC. They must also complete a course on the duties and responsibilities of directors and officers of public companies.

Penn and Rubin have since made the required filings on SEDI and paid the late fees. They also directed Black Tusk to publish news releases correcting the disclosure of their shareholdings.

About the British Columbia Securities Commission (

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

Media Contact:
Elise Palmer

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)

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