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The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Aouad Choufi who admitted to using material, undisclosed information when he purchased shares of Artek Exploration Ltd. in the days before a deal between it and his employer, Kelt Exploration Ltd.
Choufi had prior knowledge of a potential deal between the companies, and confirmed that the trading he did in his own account and in the account of another person generated profits on paper – the purchased shares were not sold immediately – of approximately $49,000.
Under the settlement agreement, Choufi paid the ASC $36,744 (representing one and a half times his profit), plus disgorgement of $24,546 (representing the other person’s profit) and $15,000 in costs. In addition to the monetary payments, Choufi accepted a six-year ban on trading securities, with exceptions.
Choufi’s trades in Artek Exploration shares took place on February 19 and 20, 2015, less than a week before the February 23, 2015 announcement that Kelt Exploration had agreed to purchase all of Artek Exploration’s issued and outstanding common shares. Choufi, then Kelt Exploration’s Exploitation Engineer, learned of the possible agreement between the companies on February 12, 2015.
A copy of the Settlement Agreement can be found 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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