Weiqing Jane Jin, a lawyer from Beijing who is working in Vancouver, has engaged in illegal insider trading, according to the British Columbia Securities Commission.
Jin purchased 3,000 shares of a mineral exploration company, Hathor Exploration Limited, in August 2011. At the time of this purchase, Jin was aware of an offer made by Saskatchewan-based Cameco Corporation to buy Hathor. This information, which the BCSC has deemed to be a material fact, was not publicly known.
Jin argued that the information was not a material fact, saying that it was non-binding.
“We disagree,” said the BCSC in its ruling. “Although the Cameco offer was non-binding, it was clear from its content that Cameco was ready, willing and able to acquire Hathor…”
Jin acted contrary to the public interest, says the BCSC.
The BCSC panel has directed parties to submit on sanctions by September 3.
