Mark McLeary, the North Vancouver businessman who used a holding company in Panama to conceal insider trading, has received a small fine and permanent securities trading ban.
McLeary has been fined $25,000 by the BC Securities Commission (BCSC) and has been banned from buying securities or exchange contracts, or acting as a director, promoter, manager or consultant for publicly traded companies.
He has been ordered to resign from any public companies in which he may be acting as a director or officer for public companies.
As detailed by Business in Vancouver last year, McLeary was the CEO of two companies, Silver Sun Resource Corp. and Newton Gold Corp., when the BCSC discovered that he had been using an offshore holding company in Panama to make trades in both companies without disclosing them as insider trades. Newton Gold changed its name to Chlormet Technologies and changed again to PUF Ventures Inc. (CSE:PUF).
The insider trading scheme scheme was discovered even while McLeary was under investigation by the BCSC for another market manipulation scheme involving the now defunct Sungro Minerals Inc.
In addition to the public companies he has been involved in, McLeary has also been involved with McLeary Capital Management Inc., which appears to be defunct, anf the now dissolved Kramcorp Ventures.
