The Alberta Securities Commission (ASC) has concluded a settlement with Kenneth Barry Healing of Red Deer, Alta. Healing agreed to cease trading in securities and exchange contracts for three years and paid the ASC $60,000 plus $5,000 in costs.
In a March 2012 ASC notice of hearing it had been alleged that Healing traded in shares of Matrikon Inc. while in a “special relationship” with Matrikon, having learned of an impending acquisition of Matrikon by Honeywell International Inc. before the acquisition was publicly disclosed.
In the settlement agreement, Healing acknowledged: overhearing at least parts of a telephone conversation just days before the public disclosure of the Honeywell International acquisition of Matrikon; purchasing Matrikon shares moments after, and as a result of, this telephone conversation; and selling the Matrikon shares in the days after the acquisition was publicly announced.
Healing admitted that he failed to comply with Alberta securities laws and that his actions were contrary to the public interest.
The notice of hearing also includes allegations against Nizar Jaffer Somji of Edmonton. A hearing into that matter is scheduled to begin on August 13 in Calgary.