BCSC panel dismisses allegations against former President and CEO of B.C. Corporation

VANCOUVER, Jan. 23, 2013 /CNW/ - A British Columbia Securities Commission panel has dismissed allegations that the former President and Chief Executive Officer of a B.C. corporation listed on the TSX-Venture Exchange engaged in market manipulation.

In a notice of hearing issued on February 28, 2012, BCSC staff alleged that Damien Edward Reynolds entered two orders in March 2010 to sell shares in Coltstar Ventures Inc, and in doing so created an artificially low price in Coltstar's shares. Reynolds was President and CEO of Coltstar from March 2010 to January 2012, prior to which time he served on the board of directors.

In its decision, the panel dismissed the allegations, stating that "the evidence did not establish that either of Reynold's… trades resulted in, or contributed to, an artificial price for Coltstar shares."

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 Damien Edward Reynolds or 2013 BCSECCOM 15 in the search box.  Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

For media inquiries, contact Richard Gilhooley , media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).

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SOURCE British Columbia Securities Commission