Skip to main content

Pembina Pipeline Corp. pops up on many analysts’ research notes as a strong energy infrastructure pick.

The Alberta Securities Commission has ordered Sherry Hagerty to pay $27,500 in penalties and costs after ruling she misled ASC investigators who were interviewing her about a 2011 purchase of shares of Provident Energy Ltd.

Ms. Hagerty, a former corporate risk manager at Pembina Pipeline Corp. in Calgary, was accused of making an untrue statement to ASC staff during an investigation into her husband's purchase of Provident shares. Gary Hagerty, a former consultant at Pembina, bought $49,000 of Provident shares in December, 2011, when Pembina was negotiating a takeover of Provident and prior to public disclosure of the deal.

The ASC alleged Ms. Hagerty told investigators she had met with Pembina's legal counsel on Dec. 23, 2011, and he told her about the confidential talkover talks. She said she told the lawyer at the meeting that she and her husband planned to buy Provident shares that morning. He later told the ASC she had not made such a disclosure to him.

An ASC hearing panel ruled Ms. Hagerty had not told the lawyer about the purchase and had misled the ASC in her testimony under oath. In a decision released Wednesday, the ASC panel ordered her to pay a $20,000 penalty and $7,500 in costs, ruling her conduct was "contrary to the public interest."

In a ruling released in June, the ASC dismissed other allegations that the Hagertys had engaged in illegal insider trading relating to the purchase of the Provident shares. The hearing panel said ASC staff had not proved Mr. Hagerty knew about the takeover before he bought the shares.

Report an editorial error

Report a technical issue

Editorial code of conduct

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 4:00pm EDT.

SymbolName% changeLast
PBA-N
Pembina Pipeline Cor
+0.71%35.34
PPL-N
PPL Corp
+0.4%27.53
PPL-T
Pembina Pipeline Corp
+0.42%47.81

Interact with The Globe