ASC dismisses illegal insider trading allegations against Sherry Hagerty and Gary Hagerty

Sherry Hagerty found to have made untrue statement to ASC investigators

CALGARY, June 20, 2014 /CNW/ - The Alberta Securities Commission (ASC) has dismissed allegations of illegal insider trading against Sherry Hagerty and Gary Hagerty.

An ASC panel did find that Sherry Hagerty made an untrue statement to ASC investigators, contrary to Alberta securities laws and the public interest.  The ASC panel ruled:  "Whenever Staff's oversight function is impeded by the provision of untrue statements to the ASC, the public interest is put at risk."

The ASC panel dismissed all other allegations of making untrue statements to ASC investigators and of conduct contrary to the public interest against Sherry Hagerty and Gary Hagerty.

The ASC panel tentatively set a session on July 2, 2014 for the purpose of scheduling a timetable for the delivery and hearing of evidence and submissions on what, if any, orders for sanctions and costs ought to be made against Sherry Hagerty.

A copy of the decision 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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