ASC reaches illegal insider trading settlement with Edward Twanow
CALGARY, May 25, 2012, 2012 (Menafn - Canada NewsWire via COMTEX) --The Alberta Securities Commission (ASC) has concluded a settlement with DeWinton, Alberta resident Edward Twanow regarding allegations of illegal insider trading in Berens Energy Ltd. shares outlined in a November 24, 2011 ASC Amended Notice of Hearing. Under the Settlement Agreement, Twanow has agreed to a permanent ban on trading in or purchasing of securities and exchange contracts, and to pay the ASC 20,500 plus 3,000 in costs.
In the Settlement Agreement, Twanow acknowledged he purchased 20,000 shares of Berens Energy on December 23, 2009, following a discussion he had with his son, James Twanow. In that discussion, James Twanow, an engineering consultant at PetroBakken Energy Ltd., informed his father that he had been put on a non-routine blackout list at PetroBakken in connection with a transaction with Berens Energy. On January 5, 2010, the day after the PetroBakken/Berens Energy deal was announced to the public, Edward Twanow sold all 20,000 Berens Energy shares for a profit of 10,600.
A hearing for the remainder of the respondents named in the Amended Notice of Hearing is scheduled to begin on May 28, 2012.
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.
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SOURCE: Alberta Securities Commission
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