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by Mike Caswell
The B.C. Securities Commission has filed an insider trading case against Global Crossing Airlines Inc. and the company's former chairman, Mark Morabito. The regulator claims that Mr. Morabito avoided a loss by transferring shares ahead of an adverse event, that event being the cancellation of an aircraft lease deal. Mr. Morabito transferred shares to his wife, and did so while knowing that she intended to sell the stock, the BCSC claims.
The allegations are contained in a brief notice of hearing that the BCSC released on Friday, Oct. 8. The case dates back to early 2018, when Global Crossing (then known as Canada Jetlines Ltd.) was attempting to establish itself as a low-cost airline. The company intended to lease two Boeing 737 aircraft, with delivery set for April, 2018, and was expecting to begin flight operations by the summer of 2018.
The problems, as described by the BCSC, began on Nov. 28, 2017. On that date, the company sought an extension to the payment terms on its lease agreement for the Boeing 737s. The lessor advised that it could not provide any extension and, according to the BCSC, it terminated the deal.
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