A former Burnaby director of a B.C.-based mineral exploration company has agreed to pay the province's investment market watchdog $65,000 after he and another director made “false and misleading statements” in required filings related to the company.
Roman Reuven Rubin was the former chief financial officer and secretary of Black Tusk Resources Inc., according to a BC Securities Commission news release Thursday.
As insiders, Rubin and the company’s CEO, Surrey resident Richard Ryan Penn, were required to report their holdings and trading shares and trades in Black Tusk securities on the publicly accessible system for electronic disclosure by insiders (SEDI), the release said.
Between January 2018 and December 2020, the securities watchdog said Rubin failed to report 96% of his reportable transactions, involving shares worth $646,566.
During the same time period, Penn failed to report 87 per cent of his reportable transactions, involving shares worth $1,155,947, according to the release.
Penn and Rubin also failed to file early warning reports and didn't issue news releases when their holdings of Black Tusk’s common shares decreased, the release said.
In addition, Black Tusk also falsely stated the number of shares Penn and Rubin held, according to the BCSC.
“By doing so, the company made a false or misleading statement in a required filing,” the release stated. “As directors, Penn and Rubin are liable for this misconduct.”
As part of a settlement agreement with the BCSC, Rubin agreed to pay $65,000 and complete a course on the duties and responsibilities of directors and officers of public companies.
Penn agreed to pay $75,000 and complete the same course.
