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ASC cites Budzinski for BCM Resources trades

2019-06-12 20:46 ET - Street Wire

Also Street Wire (C-B) BCM Resources Corp

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by Mike Caswell

The Alberta Securities Commission has filed an administrative case against Edmonton pastor Gerald Michael Budzinski, claiming that he entered manipulative trades in BCM Resources Corp. of Vancouver. Among other things, he was behind several high closes and uptick trades, the ASC claims. The trades went on for a period of about six months, according to the regulator.

The allegations are contained in a brief notice of hearing that the ASC released on Wednesday, June 12. The ASC identifies Mr. Budzinski as having trading authority over a group of accounts that traded BCM in 2015 and 2016. One of the accounts belonged to a charitable organization (called Malachi 4 Foundation for Family Unity) while another was an investment club for members of a religious organization for which Mr. Budzinski was the pastor. According to the ASC, the accounts purchased millions of shares in BCM, with their combined holdings at one point amounting to more than 20 per cent of the company's outstanding shares.

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