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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Town of Fort Nelson, B.C., ordered to evacuate due to wildfire
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Bouchard lifts Edmonton Oilers to 4-3 overtime win over Canucks in Game 2
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.