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SEC cites Bordian for insider trading

2018-06-12 18:01 ET - Street Wire

Also Street Wire (U-IOC) InterOil Corp

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by Mike Caswell

The U.S. Securities and Exchange Commission has filed an insider trading case against Vancouver accountant Kurt Bordian. The SEC claims that Mr. Bordian turned a $5,750 option trade into a $220,500 profit in three days. (All figures are in U.S. dollars.) He only did so because he had non-public news of a takeover offer, according to the SEC.

The case against Mr. Bordian is contained in a civil complaint that the SEC filed on Tuesday, June 12, in the District of New Jersey. The complaint lists Mr. Bordian, 49, as a chartered professional accountant and a certified general accountant. The trading that the SEC complains of occurred in May, 2016, when Mr. Bordian was an adviser to a director of InterOil Corp., which traded on the New York Stock Exchange.

The SEC claims that Mr. Bordian began receiving inside information related to InterOil in 2015, after that director had suffered a serious spinal injury in an accident. While the director recovered, Mr. Bordian helped him with his e-mails, making printed copies, among other things. The SEC says that the director cautioned Mr. Bordian about the confidentiality of the e-mails.

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