British Columbia Securities Commission

British Columbia Securities Commission

February 02, 2011 09:00 ET

BCSC Executive Director's Bulletin: Securities Regulator Alleges Former Director of a Public Company Made Illegal Insider Trades

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2011) - The executive director of the British Columbia Securities Commission has issued a notice of hearing that alleges a former director of a B.C.-based public company caused a foundation he controls to illegally trade the company's shares.

The notice of hearing says that Anthony Patriarco, a Ferrum, Virginia resident, was a director of Euromax Resources Ltd. when he learned about undisclosed material information related to an exploration permit in Macedonia on Oct. 14, 2009 and Nov. 12, 2009.

The notice says Euromax Resources, a B.C.-based mining exploration company that lists its shares on the TSX Venture Exchange, did not disclose this information until July 9, 2010 in a news release. Furthermore, directors and officers of the company received instructions that they were not to trade Euromax Resources shares until the company disclosed the information.

The notice alleges that from Jan. 6, 2010 to March 31, 2010, Patriarco caused Blue Ridge Educational Foundation to trade 782,000 Euromax Resources shares, for total proceeds of US $214,015 while he:

  • knew about the undisclosed material fact concerning the permit.
  • was in a special relationship with Euromax Resources because he was an insider of the company.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on March 10, 2011.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, If you have questions, contact Ken Gracey, media relations, 604-899-6577.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    604-899-6577 or (Canada) 1-800-373-6393