The Alberta Securities Commission (ASC) has concluded a settlement with DeWinton, Alta. resident Edward Twanow regarding allegations of illegal insider trading in Berens Energy Ltd. shares.
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 Dec. 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 Jan. 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.