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by Mike Caswell

The U.S. Securities and Exchange Commission has won penalties totalling $297,178 against former Hudbay Minerals Inc. lawyer Nino Coppero and two of his associates. (All figures are in U.S. dollars.) The three agreed to pay the money to settle civil insider trading charges. The SEC claimed that the men bought shares of Augusta Resource Corp. while knowing that Hudbay was going to make a takeover offer.

The settlements are contained in three consent judgments the SEC announced on Friday, March 24. Mr. Coppero's penalty includes disgorgement of $53,607 in gains, plus interest. His co-defendant and close friend, Julio Antonio Castro Roca, must disgorge $59,300 plus interest and pay a $53,300 civil penalty. The final defendant, a trader named Ricardo Carrion, must disgorge $54,144 plus interest and pay a $54,144 civil penalty. Mr. Carrion did not admit any wrongdoing in agreeing to pay the money.

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