Good Behaviour???
This is a full reproduction of an article published today in Canada-Stockwatch regarding the resolution of the BCSEC charges against Allen Achilles.
"Good behaviour lessens sanctions"
"Alasdair William Achilles, also known as Allen Achilles, has consented to certain orders made against him by Paul Bourque, the executive director of the BC securities commission. Under the orders the exemptions set out in the registration, prospectus, take over bid and issuer bid provisions of the securities act do not apply to him for two years, and for three years thereafter his ability to trade securities in the province is restricted. He may then trade only through one account with one broker, who must have instructions to send his monthly trading records directly to Mr. Bourque.
Mr. Achilles has 180 days to sell shares now held, but first must deliver to Mr. Bourque the name of the one dealer he intends to use, the name and the account through which he will sell, and a list of shares now held. The dealer must ensure that Mr. Bourque receives copies of the confirmation slips, no unusual effort may be made to prepare the market or to create a demand for the shares to be sold, and no extraordinary commission or other consideration may be paid.
The orders further prohibit Mr. Achilles from acting as a director or
officer of any issuer in the province, and from engaging in investor relations activities, for three months. He must also complete the Securities Program-Continuous Disclosure, offered by Simon Fraser University, and pay $15,000 to the securities commission.
The sanctions arise from his conduct between June 20, 1991, and March 3, 1992, when he was the president and a director of Super Twin Resources now called Whitegold Resources. During that period Mr. Achilles operated at least 15 brokerage accounts, trading in which amounted to more than 25 percent of the total Super Twins' volume on the VSE. The accounts traded with each other, thereby creating the appearance of misleading trading activity, he did not file insider trading reports on a timely basis, and when filed, they did not accurately reflect his trading.
The commission staff has no evidence that he has breached the securities act since March 3, 1992, and he says that, to the best of his knowledge, he has not breached his obligations under the act in any manner whatsoever since then."
(c) Copyright 1997 Canjex Publishing Ltd. [END OF ARTICLE]
I am concerned about the effect of sale of his shares on the market price. If he indeed does sell all his holdings (which I gather are quite substantial) on the open market during the next 180 days, where does that leave us?
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