Commission panel sanctions B.C. man for trading on insider information

VANCOUVER, Feb. 27, 2012 /CNW/ - A British Columbia Securities Commission panel has sanctioned a B.C. man who breached securities laws when he purchased securities in a mining company that was engaged in an acquisition.

David Charles Greenway, a 35-year-old resident of B.C., purchased 68,500 shares of Global Uranium Corp. with knowledge of the company's acquisition of mining claims in Arizona (known as the Anderson Property) before that information was made public.

Greenway admitted that he was a person in a special relationship with Global during the acquisition period and that his purchase contravened the prohibition against illegal insider trading.

Noting several mitigating factors in Greenway's favour, the panel said that Greenway should cease trade in, and be prohibited from purchasing, any securities or exchange contracts of any company with whom he is in a special relationship for one year.

Because Greenway had been under a similar prohibition for seven months as a result of an undertaking he made to the TSX Venture Exchange, the panel ordered the prohibition until July 22, 2012.

The panel also ordered Greenway to pay an administrative penalty of $19,177.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the decision on our website, www.bcsc.bc.ca, by typing David Charles Greenway or 2012 BCSECCOM 59 in the search box.  Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons List 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).

Learn how to protect yourself and become a more informed investor at www.investright.org

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