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by Mike Caswell

The B.C. Securities Commission has fined Vancouver's Michael Townsend for failing to file insider trading reports over a period of about 3-1/2 years. The BCSC says that Mr. Townsend did not report 528 transactions, worth $1.5-million, in four companies with which he was associated. For his part, Mr. Townsend pointed out that he did not benefit financially and said that he was experiencing family difficulties.

The penalty for Mr. Townsend is contained in an administrative order that the BCSC released on Wednesday, Sept. 16. The only sanction is a $60,000 fine, with the BCSC not considering any bans or other action against him.

The case arises from trading in four companies, listed by the BCSC as Altus Copper Corp., Infinity Stone Ventures Corp., Magma Silver Corp. and Scorpio Gold Corp. Each had Mr. Townsend as a director in the period from October, 2020, to June, 2024. He was also, according to the BCSC, an active trader.

The BCSC says that Mr. Townsend made 739 trades during those years. Of those trades, he did not report 528 within the five-day period specified by the rules. (The BCSC does not say exactly how late he was, but it does say that 223 of the trades were not reported until after March 10, 2025, which means he reported them between nine months and four years late.)

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