The British Columbia Securities Commission (BCSC) has ordered Robert Weicker and wife Amina Umutoni Weiker to return $40,000 in profit and pay a combined $100,000 as an administrative penalty for insider trading.
The BCSC announced the penalty August 28, when it revealed that one of its panels had found back in April that Robert Weicker was in a special relationship with Geo Minerals Ltd. given that he was a consulting geologist with the company.
He informed his wife of material information that had not been generally been disclosed when New Gold Inc. (TSX:NGD) bought Geo. in 2011.
Amina Weicker then used this information, prior to its public disclosure, to purchase securities of Geo.
Her trading in Geo shares resulted in her earning a profit of approximately $40,000.
The panel concluded that Amina Weicker contravened securities laws regarding insider trading and that Robert Weicker breached securities laws regarding the disclosure of material facts by someone in a special relationship with an issuer.
The panel ordered that Amina Weicker and Robert Weicker cease trading in, and are prohibited from purchasing, any securities or exchange contracts of any issuer with whom they are in a special relationship for two and three years, respectively.
The panel also ordered that the couple, jointly and severally, pay the BCSC the profit gained from the misconduct.
The panel also ordered that Amina Weicker pay an administrative penalty of $40,000 and Robert Weicker, $60,000.
