ASC discontinues proceedings against Red Deer woman in alleged illegal insider trading case

CALGARY, Aug. 7, 2012 /CNW/ - The Alberta Securities Commission (ASC) has discontinued enforcement proceedings against Sholina Somji-Healing of Red Deer, Alberta.

In a March 2012 ASC Notice of Hearing it was alleged that in 2010 Somji-Healing participated in illegal insider trading with respect to Matrikon Inc. shares and also misled ASC investigators.  In a Notice of Discontinuance issued on August 3, 2012, ASC staff withdrew the allegations and discontinued the proceedings against Somji-Healing.

The Notice of Hearing also included allegations against Somji-Healing's brother Nizar Jaffer Somji of Edmonton.  A hearing into that matter is scheduled to begin on August 13, 2012 in the ASC Hearing Room on the 5th floor, 250 - 5th Street S.W., Calgary, Alberta.

Copies of the Notice of Discontinuance regarding Somji-Healing, as well as the Notice of Hearing outlining the allegations against Nizar Somji, 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 to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE: Alberta Securities Commission

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