ASC sanctions Gerald Michael Budzinski for breaching Alberta securities laws

CALGARY, AB, Nov. 2, 2023 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Gerald Michael Budzinski for failing to comply with securities laws related to insider reporting, early warning disclosure and reporting, and take-over bid requirements.

An ASC panel previously determined that Budzinski attained control or direction over a significant number of shares of BCM Resources Corporation (BCM). The panel found that once he acquired control or direction of more than 10 per cent of BCM's outstanding shares, Budzinski did not file insider trading reports or make and file early warning reports or disclosure in accordance with the applicable regulations. The panel also found that Budzinski failed to meet take-over bid requirements that became applicable once he attained control or direction of 20 per cent or more of BCM's outstanding shares.

In its sanctions decision, the ASC panel stated that Budzinski engaged in serious misconduct and presents an ongoing risk to the capital market. Budzinski was ordered to pay an administrative penalty of $30,000, and investigation and hearing costs of an additional $30,000. He was also ordered to cease trading in or purchasing any security or derivative, and is prohibited from advising in securities or derivatives or using any exemptions contained in Alberta securities laws, for a period of three years from the date of the decision or until the administrative penalty is paid in full, whichever is later.

A copy of the decision is available on the ASC website at asc.ca.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission