B.C. penny stock promoter fined $60K for not reporting $1.5M insider trades
Michael Derek Townsend, a B.C. penny stock promoter, was fined $60,000 by the B.C. Securities Commission for failing to report 528 insider trades totaling over $1.5M. Townsend, a director of Scorpio Gold Corp., Altus Copper Corp., Magma Silver Corp., and former director of Infinity Stone Ventures Corp., appealed the initial $70,000 fine. The violations occurred between 2020 and 2024, with most trades involving Infinity Stone and Magma Silver shares.

