ASC reciprocates bans against Jerome John Rak

CALGARY, March 21, 2012 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated an order imposed by the British Columbia Securities Commission (BCSC) against Jerome John Rak.

An ASC panel ordered that Rak be prohibited from trading in or purchasing securities or exchange contracts of any reporting issuer with which he is in a special relationship until December 8, 2021.  Rak is also prohibited from becoming or acting as a director or officer of any reporting issuer until December 8, 2016.

In a December 8, 2011 BCSC settlement agreement, Rak admitted that he engaged in illegal insider trading - indirectly purchasing 172,000 shares of an Alberta company, with which he was in a special relationship, when he knew (before it was generally disclosed) that there was a reasonable likelihood a certain individual would become the company's new president and CEO.

A copy of the decision is available 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.

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Mark Dickey
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