Man fined $22,000 for insider trading

By Staff | May 29, 2012 | Last updated on May 29, 2012
1 min read

The Alberta Securities Commission (ASC) has arranged a settlement with former Calgary resident James Twanow for illegal insider trading.

In a settlement agreement dated May 25, 2012, he admits he provided his father with undisclosed material information regarding Berens Energy Ltd. shares in December 2009.

At the time, Twanow worked at PetroBakken Energy Ltd., and signed a confidentiality agreement in connection to PetroBakken’s intended acquisition of Berens. He informed his father, who then purchased 20,000 Berens shares and later sold them for a $10,600 profit. Twanow’s father has since settled with the ASC. Twanow now lives in Australia.

Specifically, Twanow was found guilty of the following breaches:

  • As a result of the conduct outlined above, James Twanow admits that he breached sub-section 147(3) of the Securities Act by informing another person of a material fact or facts with respect to Berens, while in a special relationship with Berens, before the material fact or facts had been generally disclosed.
  • Twanow also admits that he acted contrary to the public interest by informing his father of the material facts and by failing to be cooperative and complete in providing information to the Commission in his statement, and otherwise.

Twanow agrees to refrain from trading or purchasing securities for three years, and pay the ASC $22,000 plus $3,000 in costs.

A hearing for the remainder of respondents alleged to have engaged in misconduct regarding PetroBakken’s acquisition of Berens began on May 28, 2012. staff


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