ASC settles illegal insider trading case against Calgary consultant

CALGARY, April 17, 2013 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Calgary consultant Xiang (Shane) Hua Hu relating to allegations of illegal insider trading.  Under the Settlement Agreement, Hu paid the ASC $20,000 and agreed to cease trading in or purchasing any securities and exchange contracts for three years, with limited exceptions.

In the Settlement Agreement, Hu admitted that he bought and sold Bayfield Ventures Corp. shares in the fall of 2010 and spring of 2011 with knowledge of assay results related to Bayfield Ventures' drilling activities that were material to Bayfield Ventures and had not been generally disclosed to the public.

Hu admitted that he avoided a loss of approximately $4,000 and made a profit of approximately $6,200 as a result of his trades in Bayfield Ventures shares. He also admitted his conduct was a breach of Alberta securities laws and was contrary to the public interest.

A copy of the Settlement Agreement 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.

SOURCE: Alberta Securities Commission

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