Le Lézard
Classified in: Business

BCSC reaches settlement with two B.C. men for tipping and insider trading


VANCOUVER, Dec. 10, 2019 /CNW/ - The British Columbia Securities Commission (BCSC) has reached settlement agreements with two B.C. men, one of whom admitted to tipping and the other to insider trading.

George Boustani was an employee of a B.C. company whose shares trade on the TSX. He admitted to five instances of tipping between November 2015 to February 2017, when he provided his friend Saad (also known as Sid) Hayek with information about the company's financial results before it was made public.

Hayek used that information when he bought and sold shares of the company, and then paid Boustani some of his trading profits. By doing so, Hayek admitted that he contravened securities laws regarding insider trading.

As part of the settlement, Hayek has agreed to pay $364,174, and Boustani has agreed to pay $70,000, to the BCSC. Both men are also prohibited for two years from trading or purchasing any securities or exchange contracts of any issuer with whom they are in a "special relationship," as defined by B.C.'s Securities Act

Neither men have a history of securities misconduct, and both admitted to their misconduct before the BCSC issued a Notice of Hearing.  

The BCSC thanks FINRA for its assistance in this matter.

About the British Columbia Securities Commission ( www.bcsc.bc.ca )  

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission


These press releases may also interest you

at 21:24
AgReliant Genetics, a leader in seed research, production and provider of seed solutions, signed a contract with GyanSys Inc. ("GyanSys"), a leading IT services provider headquartered in Indiana, to implement SAP S/4HANA on HANA Enterprise Cloud...

at 21:14
Hagens Berman urges Opera investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses.  A securities class action has been filed against the Company and certain investors may...

at 19:49
TSX VENTURE COMPANIES C-COM SATELLITE SYSTEMS INC. ("CMI")BULLETIN TYPE:  Declaration of DividendBULLETIN DATE:  January 24, 2020TSX Venture Tier  1 Company The Issuer has declared the following dividend: Dividend per Share:  $0.0125Payable Date: ...

at 19:43
Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Opera Limited ("Opera" or the "Company") either: (i)...

at 19:31
Companhia Siderúrgica Nacional ("CSN")  announced today that the cash tender offer (the "Tender Offer") by its subsidiary, CSN Resources S.A. ("CSN Resources"), for any and all of its outstanding US$433,603,000 in aggregate principal amount of 6.50%...

at 19:30
Lennar, the nation's leading homebuilder, announced today the debut of Silos, a beautiful new masterplanned community located on the West side of San Antonio just three miles outside Loop 1604.  Silos will offer a diverse selection of floorplans and...



News published on 10 december 2019 at 17:00 and distributed by: