CALGARY, AB, June 30, 2026 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Russell Douglas Ingram of Calgary, Alberta, for breaching Alberta securities laws. Ingram shared information before it was made public with another person about an upcoming deal involving the acquisition of an oil and gas company, which amounted to illegal tipping.

Ingram was employed by i3 Energy Canada Ltd. (i3 Canada) from September 2020 to October 2024. During that time, he became aware of confidential information relating to the potential acquisition of i3 Energy plc (i3), the publicly traded parent company of i3 Canada.

Due to his employment, Ingram was in a "special relationship" with i3. With limited exceptions, when a person is in a special relationship with a company (including being a director, officer or employee of that company), it is contrary to Alberta securities laws to inform another person of a material fact or material change with respect to the company before that information has been disclosed publicly.

Between May and August 2024, Ingram engaged in tipping by disclosing material, non-public information about the potential acquisition to a friend and former colleague. That person then purchased securities of i3 prior to the August 19, 2024 public announcement of the pending acquisition.   

Ingram did not engage in trading on the non-public information nor did he benefit from the other person's trading. However, informing another person of material non-public information about an issuer, other than when necessary in the course of business, is a breach of Alberta securities laws.    

Ingram has not previously been sanctioned by the ASC.

As part of the Settlement Agreement and Undertaking, Ingram agreed to:

• pay $45,000 to the ASC; and
• be prohibited from purchasing or trading in securities or derivatives for three years, subject to limited exceptions for certain registered accounts.

A copy of the Settlement Agreement and Undertaking is available on the ASC website at asc.ca.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission