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The Alberta Securities Commission (ASC) has sanctioned John (Bert) Holtby for illegal insider trading and informing (tipping), and Randall (Randy) Kowalchuk for illegal insider trading, relating to Edmonton-based Eveready Inc. This sanction decision was made in response to the Alberta Court of Appeal's direction to reconsider the sanctions ordered against Bert Holtby and Randy Kowalchuk in June 2013.
In its decision, an ASC panel ordered that:
Bert Holtby pay an administrative penalty of $600,000, and is banned from trading in or purchasing securities (with limited exceptions) and from acting as a director or officer (or both) of any issuer, registrant or investment fund manager (with limited exceptions) for 10 years (from the date of the ASC's original sanction decision) to June 27, 2023.
Randy Kowalchuk pay an administrative penalty of $45,000, and is banned from trading in or purchasing securities and from acting as a director or officer (or both) of any reporting issuer for 4 years (from the date of the ASC's original sanction decision) to June 27, 2017. Further, Randy Kowalchuk may trade in or purchase securities after June 27, 2017 only if the monetary sanctions ordered against him have been paid.
These orders are in addition to the following orders, which were not in issue before the ASC panel: Bert Holtby is ordered to disgorge $80,678 and to pay costs of $90,000; and Randy Kowalchuk is ordered to disgorge $54,401 and to pay costs of $22,500.
In making its decision, the ASC panel stated: "Illegal insider trading and informing undermines the fairness of our capital market, thereby jeopardizing the confidence on which that market depends to survive and flourish. When insiders of reporting issuers are able to benefit themselves and others financially because their positions give them access to non-public material information, this results in an unfair capital market that fails to inspire confidence or a willingness to invest."
A copy of the sanction decision is available on the ASC website at www.albertasecurities.com.
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.
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