The BC Securities Commission (BCSC) has dismissed allegations that the former president and CEO of TSX Venture Exchange-listed Coltstar Ventures Inc. engaged in market manipulation.
In a notice of hearing issued February 28, 2012, BCSC staff alleged that Damien Reynolds entered two orders in March 2010 to sell shares in Coltstar Ventures Inc., and in doing so, created an artificially low price in Coltstar's shares.
Reynolds was president and CEO of Coltstar from March 2010 to January 2012.
In a decision announced January 23, a BCSC panel dismissed the allegations, stating that "the evidence did not establish that either of Reynold's…trades resulted in, or contributed to, an artificial price for Coltstar shares."
