Alberta man fined $20,500 for insider trading

By Staff | May 25, 2012 | Last updated on May 25, 2012
1 min read

The Alberta Securities Commission (ASC) has concluded a settlement with Edward Twanow, of DeWinton, Alberta, regarding allegations of illegal insider trading of Berens Energy Ltd. Shares.

In the settlement agreement, Twanow acknowledged he purchased 20,000 shares of Berens Energy on December 23, 2009, following a discussion he had with his son, who was an engineering consultant at PetroBakken Energy Ltd. His son informed him he had been put on a non-routine blackout list at PetroBakken in connection with a transaction with Berens Energy.

On January 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.

Read the settlement agreement. staff


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