Three family members settled illegal insider trading and tipping charges with the Alberta Securities Commission (ASC) in connection with trading ahead of a takeover bid for energy firm, Connacher Oil & Gas. Ltd.
Travis Hurst, Bryant Hurst and Terry Hurst — who are related to each other – admitted they breached securities rules when they traded on inside information regarding a forthcoming buyout proposal for Connacher Oil & Gas. They also admitted their actions were contrary to the public interest.
Collectively, the family members made a profit of more than $91,000 through their illicit trading, the commission said.
Travis Hurst, who garnered the tip during lunch with a friend and passed it along to the other two respondents, agreed to cease trading for five years. Bryan Hurst and Terry Hurst agreed to three-year trading bans. They also jointly agreed to pay $140,000 to the commission.
In accepting the deal, the ASC acknowledged that none of the respondents had been disciplined before by the commission and that the three Hursts accepted responsibility for their misconduct in this instance.