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Gold/Mining/Energy : Gold Price Monitor

GDXJ 96.06

-1.4%

Nov 17 4:00 PM EST

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To: lorne who wrote (58300)	9/19/2000 6:31:23 AM
From: Alex	Read Replies (2) of 116762

Jail and $4M fine for gold firm boss By SAM PAZZANO, TORONTO SUN A Calgary businessman received the longest sentence in Canadian history for insider trading -- a year in jail and a $4-million fine -- in a gold-company scandal that resembled Bre-X. Mr. Justice Patrick Sheppard sentenced Glen Harper, 56, the former president of Calgary-based Gold Rule Resources Ltd., to a reformatory sentence and ordered him to repay $3.951 million. Ontario Securities Commission prosecutor Jay Naster said it was an unprecedented sentence "that clearly signalled this conduct will not be tolerated." Harper sold $4 million worth of stock in his junior mining company in early 1997 after receiving information that cast doubt on a report indicating a huge gold find in Ghana. Harper dumped his stock and withheld information that would have alerted other investors, thus avoiding losses of $3.5 million. When news that the independent consultant found no gold spread, the stock melted down in May 1997. Stock prices had skyrocketed from $2 in October 1996 to a high of $13.80 in January 1997.

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