BCSC authorizes settlements with Securities Act violators who profited from relationship with TSX-listed firm

B.C. resident Saad Hayek, a.k.a. Sid Hayek, is friends with a man named George Boustani.

And George Boustani was in a "special relationship" with—and an employee of—a B.C.-based company listed on the TSX.

According to settlement agreements approved by B.C. Securities Commission executive director Peter Brady, Boustani had knowledge of the B.C. company's financial results before they were released to the public.

Boustani shared this information with Hayek, who then traded shares in the company on five occasions between November 2015 and February 2017.

Then Hayek shared some of his profits with Boustani.

According to the settlement agreements, these trades were contrary to a Securities Act section dealing with insider trading, tipping, and recommending.

Hayek and Boustani each "agreed to make early admissions" regarding this misconduct and each has no prior history of securities misconduct.

As a result, Brady concluded that it was in the public interest to draw up the settlement agreements prior to issuing a notice of hearing.

Hayek has consented to pay $364,174 to the B.C. Securities Commission. He's also agreed to a two-year ban on trading or purchasing any securities or exchange contracts of any issuer with whom he's in a special relationship.

Boustani agreed to pay $70,000 to the B.C. Securities Commission and agreed to a trading ban identical to Hayek's.

The TSX-listed company was not identified in the settlement agreements.

Boustani's Linkedin profile indicates that he was employed by Richmond-based Sierra Wireless from 2006 to 2019.