A former senior employee at Canadian Quantum Energy has been accused of using insider trading to make a profit of US$130,000.
According to the Alberta Securities Commission (ASC), William Bint purchased shares in May of last year after learning of potentially lucrative business agreements before they became public knowledge.
He is alleged to have bought 38,000 shares in Quantum on the morning of Friday May 23rd 2008, hours before the firm announced it was intending to purchase the Enco gas company.
After Quantum's share price increased, Mr Bint is then said to have sold the shares in order to make a profit on an initial investment of around US$9,600.
A date for a hearing into the matter is to be set on August 13th.
Insider trading charges were recently put before a former investment banker and ex-fund manager in Hong Kong, who admitted purchasing shares in Media Partners International Holdings prior to a buyer taking a controlling stake in the firm.
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