The Alberta Securities Commission (ASC) has sanctioned John (Bert) Holtby, Kenneth Burdeyney, Gayle Walton, Randall Kowalchuk, Dale Holtby and John Shepert for variously engaging in illegal insider trading, informing (tipping) and recommending or encouraging relating to Edmonton-based Eveready Inc.

In its decision, an ASC panel ordered that:

> Bert Holtby must pay an administrative penalty of $1.75 million, disgorge $80,678, and pay costs of $90,000. He is permanently banned from trading in or purchasing securities and from acting as a director or officer of any issuer, registrant or investment fund manager.

> Burdeyney must pay an administrative penalty of $20,000, disgorge $8,270, and pay costs of $27,000. He is banned for five years from trading in or purchasing securities and from acting as a director or officer of any reporting issuer.

> Walton must pay an administrative penalty of $90,000, disgorge $89,386, and pay costs of $22,500. She is banned for four years from trading in or purchasing securities and from acting as a director or officer of any reporting issuer.

> Kowalchuk must pay an administrative penalty of $55,000, disgorge $54,401, and pay costs of $22,500. He is banned for four years from trading in or purchasing securities and from acting as a director or officer of any reporting issuer.

> Dale Holtby must pay an administrative penalty of $100,000, disgorge $56,915, and pay costs of $38,000. He is banned for 10 years from trading in or purchasing securities and from acting as a director or officer of any reporting issuer.

> Shepert must pay an administrative penalty of $100,000, disgorge $139,843, and pay costs of $25,000. He is banned for five years from trading in or purchasing securities and from acting as a director or officer of any reporting issuer.

Further, each of Burdeyney, Walton, Kowalchuk, Dale Holtby and Shepert may trade in or purchase securities after the time periods listed above only if he or she has paid the monetary sanctions ordered against him or her.

In imposing the sanctions it did, the ASC panel stated, “We need to communicate not only to the Respondents but also to other market participants that tangible and significant consequences will be meted out to those who have engaged in illegal insider trading, informing and recommending or encouraging” and that such illegal activities “will not be tolerated in Alberta”.