Richmond man who admitted to insider trading to pay $20K to B.C. Securities Commission

The B.C. Securities Commission says it has settled with a Richmond man who admitted to insider trading.

According to the independent provincial government agency, Robert Findlay was a consultant for Vancouver-based oil and gas company Simba Energy Inc.

As part of his work, Findlay knew about an upcoming agreement with a Middle Eastern company willing to invest in Simba Energy's future exploration costs.

"Findlay bought 300,000 shares of Simba Energy three days before the agreement was announced," the commission said in a news release. "If he had sold his shares when it was announced, he would have earned $7,000. This transaction constituted insider trading."

Findlay admitted to the indiscretion and has agreed to pay the commission $20,000 as part of his settlement.

He is also banned from trading or purchasing securities or exchange contracts from anybody who he has a "special relationship" as defined by provincial Securities Act.