CEO failed to report trades, BCSC alleges

The head of a junior miner has settled allegations that he failed to report insider trades.

The British Columbia Securities Commission (BCSC) settled with John Michael Wisbey, the CEO of B.C.-based International Lithium Corp., who paid $80,000 along with late fees of $18,750 to resolve the regulator’s allegations that he violated insider reporting requirements.

Specifically, the BCSC alleged that, between 2018 and 2022, Wisbey, who lives in Switzerland, failed to report nearly 550 transactions involving more than 65 million shares of International Lithium — a mining exploration company that trades on the TSX Venture Exchange and Frankfurt Stock Exchange — valued at $4.1 million. Additionally, it said he was late in reporting nearly 140 transactions worth an additional $2.8 million.

“He failed to file early warning reports and news releases when his shareholdings of International Lithium changed by 2% between 2019 and 2022, which was required because he held 10% or more of the company’s common shares,” the regulator said.

The BCSC also said Wisbey sold shares in the company without a prospectus or providing advance notice, which was required as he held over 20% of its shares.

Along with the financial sanctions, Wisbey has made the required filings.

“There is no evidence that he attempted to hide his trading,” the settlement noted, adding that Wisbey traded using accounts in his own name.

The BCSC did not issue any orders against International Lithium.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.