ASC settles case against former Daylight Energy CEO Anthony Lambert

CALGARY, Aug. 1, 2013 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with former Daylight Energy Ltd. President and CEO Anthony Lambert related to allegations of  insider trading.

In the Settlement Agreement, Lambert admitted that he "made an error in judgment" when he purchased Daylight Energy shares on August 8, 2011 with knowledge of an unsolicited letter of interest regarding the possible acquisition of Daylight Energy by Sinopec International Petroleum Exploration and Production Company (SIPC).  Although Lambert states that he did not believe the letter was material information that would prohibit trading, he recognizes that as Daylight's President and CEO he was "obliged to be carefully attuned to trading issues."

"It is important that senior company officials - insiders - understand that insiders cannot trade while in possession of undisclosed material information; whether or not that material information must yet be disclosed under our continuous disclosure regime," stresses ASC Chair and CEO Bill Rice. "Additionally, if in doubt, insiders should always err on the side of caution and not trade."

Under the Settlement Agreement, Lambert paid the ASC $129,000, representing his entire profit from the August 8^th trade, as well as $100,000 towards costs of the ASC's investigation into the matter.

A copy of the Settlement Agreement can be found on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws.  It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE: Alberta Securities Commission