$20,000 fine for market manipulation


On February 25, 2015, the Bureau de décision et de révision (the "Bureau") approved an agreement entered into by the Autorité des marchés financiers ("AMF") and Michel Galipeau whereby the latter acknowledged having taken steps for the purpose of manipulating the market price or the value of securities, and agreed to pay a fine of $20,000.

The AMF argued that Michel Galipeau matched, on five occasions, buy and sell orders between his personal brokerage account and the account of two companies where he served as director. As well, the AMF claimed that he engaged in wash trading since he owned one of the companies. He pocketed profits totalling $6,780 through these transactions.

Michel Galipeau acknowledged these facts and agreed to pay a penalty to the AMF in the amount of $20,000 over the next 24 months.