CALGARY , June 12, 2019 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing against Gerald Michael Budzinski in connection with suspected market manipulation, failures to disclose share accumulation and failure to follow take-over bid rules.
The Notice of Hearing states that, between August 2015 and June 2016 , Budzinski exercised trading authority over a number of accounts through which he purchased shares in BCM Resources Corporation. During that time, Budzinski is alleged to have regularly engaged in "high close" and "uptick" trades which resulted in, or contributed to, a false or misleading appearance of trading activity or an artificial price for BCM securities.
The Notice of Hearing also alleges that Budzinski was an insider of BCM because the accounts under his authority held over 10% of the outstanding shares of BCM by September 30, 2015 and over 20% of the outstanding shares by January 31, 2016 . Budzinski purportedly failed to comply with the reporting obligations of an insider and the take-over bid requirements triggered when the accounts had accumulated over 20% of the outstanding shares.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on Thursday July 25, 2019 at 1:00 pm in the ASC Hearing Room on the 5th floor, 250 – 5 Street SW, Calgary, Alberta .
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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