British Columbia Securities Commission: Illegal Insider Trading Decision on Torudag Upheld
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/11 -- A British Columbia Securities Commission decision that Kegham Kevin Torudag engaged in illegal insider trading has been upheld by the B.C. Court of Appeal.
Torudag helps reporting issuers to raise money and performs investor relations activities for them, including assistance in "getting their story out" to investment analysts and investors. He is an active trader in junior public companies, primarily in the resource sector, and in recent years has made a significant portion of his living by trading on the TSX-Venture Exchange.
During his original hearing with the BCSC, Torudag admitted that he illegally traded on the Venture Exchange, but claimed he was not subject to the BCSC's jurisdiction or the Securities Act because he was not in B.C. when he conducted the trades.
The Court of Appeal disagreed, upholding the commission's view that because the BCSC regulates the Venture Exchange, they can prosecute illegal insider trading on the Venture Exchange. In effect, anyone who trades on the Venture Exchange, regardless of their location, is subject to the Securities Act.
In March 2009, a commission panel ordered, with limited exceptions, that Torudag cease trading securities for one year, and also ordered that he pay a fine of $36,771. These penalties, which were stayed during the appeal, are now active again. The cease trade order will remain in effect until Torudag pays his fine.
The BCSC is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the original decision on our website, , by typing Torudag or 2009 BCSECCOM 339 in the search box. Information regarding disciplinary proceedings can be found in the of the BCSC website.
Please visit the Canadian Securities Administrators' for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
If you have questions, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at .
Contacts:
British Columbia Securities Commission
Richard Gilhooley
604-899-6713 or (Canada) 1-800-373-6393
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Datum: 21.11.2011 - 15:38 Uhr
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News-ID 1059172
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