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A former geologist allegedly shared insider information pertaining to a company he worked for as a consultant with his wife, leading to her purchasing shares in the company, according to a British Columbia Securities Commission (BCSC) press release issued July 31.
The BCSC alleges that in September 2011, Robert Frederick Weicker was acting as a consulting geologist for Geo Minerals Ltd. when he shared material information about the company that had not been publicly disclosed with his wife, Amina Umutoni Weicker.
The information related to a potential acquisition agreement of Geo Minerals by New Gold Inc. Within four days after Weicker received an email stating New Gold was likely to approve a bid for the acquisition of Geo Minerals, his wife purchased a total of 585,900 shares of Geo Mineral, the BCSC said.
The agreement was not publicly announced until October 2011.
The BCSC said both Weicker and his wife breached securities laws by using material information that had not been generally disclosed to purchase and trade securities.
The BCSC also noted that Robert Weicker had a misconduct and disciplinary history that included tax evasion.
None of the allegations has been proven. A hearing is set for September 17, 2013.
By Emma Crawford
Comments
Apple
Where is Robert Weicker licenced as a Geologist. His professional designation should be revoked.