A British Columbia Securities Commission (BCSC) panel has sanctioned a husband and wife for insider trading.
In April 2015, the panel found that Robert Weicker was in a special relationship with Geo Minerals Ltd. (he was a consulting geologist with Geo), when he informed his wife of material information that had not been generally disclosed regarding the acquisition of that company. Amina Weicker then used this information, prior to its public disclosure, to purchase securities of Geo. Her trading in Geo shares resulted in her earning a profit of approximately $40,000.
The panel concluded that Amina Weicker contravened securities laws regarding insider trading, and that Robert Weicker breached securities laws regarding the disclosure of material facts by someone in a special relationship with an issuer.
The panel ordered that the couple cease trading in, and are prohibited from purchasing, any securities or exchange contracts of any issuer with whom they are in a special relationship for two and three years, respectively. It also ordered the pair, jointly and severally, pay the BCSC the profit gained from the misconduct.
The panel also ordered that Amina Weicker pay an administrative penalty of $40,000 and Robert Weicker, $60,000.