Two top executives of Canada's Black Tusk gold mining fined for undisclosed trading
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
India's foreign minister reacts to murder charges, claims Canada welcomes criminals
India's Foreign Affairs Minister accused Canada of welcoming criminals from his country in response to the RCMP's recent arrests in a homicide that has roiled tensions between the two countries.
15-year-old boy stabbed in Ottawa on Thursday dies
A 15-year old boy who was critically injured after a stabbing in Nepean on Thursday has died of his injuries, Ottawa's English public school board said Sunday.
Dash cam catches moment suspected drunk driver hits parked car, sends it careening into North Shore flower shop
Police say it’s fortunate no one was injured or killed in a collision at North Vancouver’s Park and Tilford shopping centre Saturday evening that sent one vehicle careening into a flower shop and another into a set of concrete barriers outside a Winners store.
Actor Bernard Hill, of 'Titanic' and 'Lord of the Rings,' has died at 79
Actor Bernard Hill, who delivered a rousing cry before leading his people into battle in 'The Lord of the Rings: The Return of the King' and went down with the ship as the captain in 'Titanic,' has died.
'A tiny city:' Pro-Palestinian campus protesters organize for another week
Pro-Palestinian activists have set up tents at universities in Toronto, Ottawa, Vancouver and Montreal, following a wave of similar protests at campuses in the United States linked to the Israel-Hamas war.
Lawsuit against Meta asks if Facebook users have right to control their feeds using external tools
Do social media users have the right to control what they see — or don't see — on their feeds?
A Holocaust survivor will mark that history differently after the horrors of Oct. 7
This year's Holocaust Remembrance Day, which begins on Sunday evening in Israel, carries a heavier weight than usual for many Jews around the world.
Princess Anne lays wreath at Battle of Atlantic ceremony; honours late Queen
Princess Anne saluted Canadian veterans and current forces members and honoured her late mother during separate ceremonies Sunday in Victoria as she wrapped up a three-day British Columbia West Coast royal visit.
El Nino weakening doesn't mean cooler temperatures this summer, forecasters say
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.