CALGARY, Feb. 25, 2015 /CNW/ - The Alberta Securities Commission (ASC) has dismissed allegations of illegal insider trading against Calvalley Petroleum Inc., Memet Kont, Kevin Dougald MacArthur and Edmund Shimoon. Allegations that Shimoon made a prohibited undertaking to an investor, and that Shimoon and Kont dealt improperly with Calvalley's board of directors were also dismissed. An ASC panel did find that Shimoon breached Alberta securities laws and acted contrary to the public interest by making an untrue statement to ASC staff in the course of their investigation. All other allegations of Shimoon making misleading or untrue statements to ASC staff were dismissed.
ASC staff and Shimoon have until March 6, 2015 to submit their views on a timetable for providing evidence and submissions on what, if any, orders for sanctions and costs ought to be made against Shimoon.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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