The Executive Director of the British Columbia Securities Commission imposed a CAD 60,000 administrative penalty on Michael Derek Townsend, a British Columbia resident and director of four reporting issuers, for failing to disclose securities transactions within the required five days. Between October 2020 and June 2024, Townsend missed the reporting deadline for 528 transactions involving securities valued at almost CAD 1.6 million. He has paid CAD 10,300 in late fees. The penalty was reduced from CAD 70,000 after he exercised his opportunity to be heard, and follows a 2007 settlement with the commission over unreported trading through an offshore account.
2026-09-16British Columbia Securities Commission
British Columbia Securities Commission imposes CAD 60,000 penalty for delayed disclosure of 528 insider transactions
The British Columbia Securities Commission imposed a CAD 60,000 penalty on Michael Derek Townsend for failing to report 528 insider transactions on time. The transactions involved securities valued at almost CAD 1.6 million between October 2020 and June 2024.