A panel of the Alberta Securities Commission has ordered $18,500 in penalties and costs and a market ban against Donald Gorrie for engaging in illegal insider trading in the securities of Ranchgate Energy Inc.

In its decision of February 1, the ASC accepted Gorrie’s admission that he purchased 60,600 shares of Ranchgate with knowledge of material undisclosed information – that Clear Energy Inc. had agreed to purchase Ranchgate. After concluding that “Gorrie’s illegal insider trading was a serious contravention of Alberta securities laws,” the panel ordered that Gorrie:

  • cease trading in or purchasing any security for one year;
  • pay an administrative penalty of $ 15,500; and
  • pay $ 3,000 toward the costs of the investigation.