The Alberta Securities Commission has reached a $25,000 settlement agreement with Dwight Lester and Kimberley McAra-Lester in connection with alleged insider trading of Insta-Rent Inc. shares in 2008. McAra-Lester reportedly made a $16,525 profit on the trades.
According to an ASC press release yesterday, Lester was Director of Finance for easyhome Ltd. The ASC alleges that Lester learned that easyhome planned to purchase all outstanding shares of Insta-Rent at a higher price than which they were currently trading. In the settlement agreement, Lester admitted that he gave this information to McAra-Lester before it was made public. McAra-Lester then purchased 60,000 shares of Insta-Rent.