Alberta and Quebec Securities Regulators Work Together to Settle Insider Trading Case


Calgary –The Alberta Securities Commission (ASC) and the Autorité des marchés financiers (AMF) have concluded a settlement with Calgary resident Fadi Hurani regarding allegations that he engaged in illegal insider trading of Spectra Energy Income Fund and Synenco Energy Inc. securities.

In the settlement agreement, Hurani admitted he became aware of material facts not generally disclosed to the public during his employment in Calgary with TD Securities Inc. Armed with that information, Hurani executed trades in Spectra Energy Income Fund and Synenco Energy Inc. securities through a relative’s account in Montreal, Quebec.

Hurani earned profits of approximately $118,000. Hurani agreed to pay $236,946.40 to settle the allegations against him and $20,000 in costs, which will be paid in equal portions to the ASC and AMF. Hurani also undertook to cease trading in securities for seven years.

“We are very glad to have had this opportunity to work with the Alberta Securities Commission to resolve this case,” says President and Chief Executive of Autorité des marchés financiers, Jean St-Gelais. “The joint investigation turned out favourably and this Settlement and Undertaking is a good demonstration of our abilities to collaborate to protect the public across the country.”

A copy of the settlement agreement is posted on the ASC website at This link will open in a new window and on the AMF website.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. The AMF is the regulatory and oversight body for Québec's financial sector. As members of the Canadian Securities Administrators, the ASC and the AMF work to improve, coordinate and harmonize the regulation of Canada's capital markets.

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For further information please contact:

For Media Inquiries:

Sylvain Théberge
Autorité des marchés financiers

Mark Dickey
Alberta Securities Commission

For Investor Inquiries:

ASC Public Inquiries
Toll Free 1.877.355.4488

AMF Information Center
Toll Free 1.877.525.0337