(April 10 – 17:00 ET) – The B.C. Securities Commission will review a disciplinary decision made by the Canadian Venture Exchange, reports The Vancouver Sun.

The BCSC’s ‘s head of enforcement, Sasha Angus, will review a settlement between the CDNX and Global Securities Corp. founder, Art Smolensky, “to determine whether to recommend any further action.”

The CDNX suspended Smolensky for 30 days, fined him $115,000, and hit him with a $10,000 bill for investigation costs after he admitted to trading infractions relating to Trooper Technologies when it was listed on the CDNX predecessor, the Vancouver Stock Exchange, in 1997.

As part of the settlement, Smolensky admits that he “sold Trooper shares in Global accounts on Aug. 14, 1997 when he was aware of the proposed arrangement between Global and Trooper and that he ought to have known that such a proposal was a material fact relating to Trooper that had not been generally disclosed.”

The CDNX had alleged that Smolensky had traded with knowledge of undisclosed material information, that his trading created an artificially low price, and that he attempted to mislead exchange investigators about the trading.
-IE Staff