Two top executives of Canada's Black Tusk gold mining fined for undisclosed trading
![Black Tusk mining CEO Richard Penn A screenshot of a promotional video for Black Tusk Resources that features company president and CEO Richard Penn. (YouTube)](/content/dam/ctvnews/en/images/2022/1/9/black-tusk-mining-ceo-richard-penn-1-5733407-1658944241822.png)
Two top executives of a Canadian gold mining company have been fined for undisclosed insider trading spanning a three-year period.
In a settlement with the B.C. Securities Commission, Black Tusk Resources CEO Richard Ryan Penn and former CFO and secretary Roman Reuven Rubin, admitted to failing to report the vast majority of their trades relating to the company.
Black Tusk Resources is a mining company with offices in both Vancouver and Montreal. It owns six gold and palladium projects in Canada, and while the majority are located in Quebec, one is located in B.C. 145 kilometres south of Smithers.
“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,” reads a Jan. 6 notice from the securities commission.
But, they didn’t. Between January 2018 and December 2021, Penn failed to report 87 per cent of the transactions he was supposed to, involving shares valued at $1,155,947. During the same time period, Rubin failed to report 96 per cent of the transactions he was supposed to, involving shares valued at $646,566.
Penn and Rubin also failed to file early warning reports and issue news releases when their holdings of Black Tusk’s common shares decreased, and they falsely stated the amount of company shares they each held.
“By doing so, the company made a false or misleading statement in a required filing,” reads the B.C. Securities Commission statement.
“As directors, Penn and Rubin are liable for this misconduct.”
Penn, a Surrey resident, was ordered to pay $75,000 to commission as part of the settlement, and will be required to complete a course on “the duties and responsibilities of directors and officers of public companies, within six months.”
Rubin, a Burnaby resident, was ordered to pay $65,000 and must take a course covering the same topics.
The settlement agreements state that both men cooperated with the investigation and have since made the required filings they had missed and paid the late fees. Furthermore the commission says “they also directed Black Tusk to publish news releases correcting the disclosure of their shareholdings.”
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.7029443.1725744633!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
Police release video of Toronto plaza shooting that killed university student
A university student from Brampton was killed when two shooters fired indiscriminately into a crowded plaza in Toronto last month in what police say was a 'cowardly act.'
'Hopeless and helpless': Regina mother seeks help to treat rare spinal disease
Mary Grace Rico is seeking help in getting treatment for a rare spinal condition.
The iPhone is getting a 'glow' up. What to expect from Apple's Monday event
Apple excited fans with its vision for its 'Apple Intelligence' artificial intelligence system earlier this year. Now, it's time for the company to prove it really works.
No more porta-potties at B.C. construction sites starting Oct. 1
What some B.C. construction workers describe as the worst aspect of their jobs will be coming to an end next month, the province announced.
Trump campaigns in Wisconsin just days ahead of debate with Harris
With just days to go before his first — and likely only — debate against U.S. Vice-President Kamala Harris, former U.S. president Donald Trump leaned into his familiar grievances about everything from his indictments to the border as he campaigned in one of the most deeply Republican swaths of battleground Wisconsin.
'Extremely vigorous' wildfire activity in central B.C. prompts crews to back off for safety
The wildfire fight in central B.C. intensified Friday, according to officials.
They were due to leave for their dream cruise in May. Three months on they’re still stuck at the departure port
It was the years-long cruise that was supposed to set sail, but saw its departure postponed… postponed… and postponed again.
Aryna Sabalenka beats Jessica Pegula to win the U.S. Open for her third Grand Slam title
Aryna Sabalenka got past Jessica Pegula 7-5, 7-5 in a rollicking U.S. Open women’s final Saturday to win her first championship at Flushing Meadows and third Grand Slam title of her career.