Look what type of undisclosed insider we had, and still have dragging us down here at SRSR...Profit of $810k in 1 YEAR!!! Imaging how many millions he and Scott took out of SRSR over 8 years...
Former Findore Minerals Inc. president Andrew Currah has been banned from acting as a director or officer of a public company and cannot trade securities for 10 years under a settlement agreement reached with the Ontario Securities Commission.
The OSC also yesterday sanctioned Findore's investor relations official, Colin Halanen, and two Research Capital Corp. employees who processed stock trades for the Findore officials.
According to the OSC, Mr. Currah and Mr. Halanen made hundreds of improper trades in shares of Findore (later renamed Cantex Energy Inc.) in the Canadian Dealing Network over-the-counter market during the 1990s.
Mr. Currah, for example, used 12 brokerage accounts at five brokerage houses in his own name, his wife's name, and in the name of various companies he controlled, the OSC said, earning a trading profit of $810,000.
The trading, which occurred in 1997 and 1998, created "a misleading appearance" as to the volume of trading in Findore's common shares and the market price of the shares.
The OSC said Findore's shares traded around 10 cents before the questionable trading activity began, and later peaked at $2.30 a share in 1998.
The settlement agreement notes that Mr. Currah sold most of his shares for 15 cents each after he was asked to leave the company in 1999.
Mr. Currah was assessed costs of $45,000. Mr. Halanen, who was hired by Mr. Currah to respond to investor inquiries, was ordered to cease trading in securities for five years and assessed costs of $15,000.
