The Alberta Securities Commission and the Autorité des marchés financiers have concluded a settlement with Calgary resident Fadi Hurani regarding allegations that he engaged in illegal insider trading of Spectra Energy Income Fund and Synenco Energy Inc. securities.

In the settlement agreement, Hurani admitted he became aware of material facts not generally disclosed to the public during his employment in Calgary with TD Securities Inc. Armed with that information, Hurani executed trades in Spectra Energy Income Fund and Synenco Energy Inc. securities through a relative’s account in Montreal, Quebec. Hurani earned profits of approximately $118,000.

Hurani agreed to pay $236,946.40 to settle the allegations against him and $20,000 in costs, which will be paid in equal portions to the ASC and AMF. Hurani also undertook to cease trading in securities for seven years.

“We are very glad to have had this opportunity to work with the Alberta Securities Commission to resolve this case,” says AMF president and CEO Jean St-Gelais. “The joint investigation turned out favourably and this Settlement and Undertaking is a good demonstration of our abilities to collaborate to protect the public across the country.”

A copy of the settlement agreement is posted on the ASC Web site at www.albertasecurities.com.

IE