Montréal - Justice of the Peace Dominique Benoit of the Court of Québec, district of Montréal, accepted a guilty plea by Stéphane Elissalde and the joint penalty recommended by the parties. Stéphane Elissalde pleaded guilty to two counts realted to market manipulation and was ordered to pay fines totalling $21,500.
As well, Stéphane Elissalde gave the Autorité des marchés financiers ("AMF") an undertaking not to blog or publish on the Internet any comments about the companies in which he is a shareholder or whose shares he is trading.
The AMF accused Stéphane Elissalde, an investor who traded through his own direct brokerage accounts, of influencing or attempting to influence the market price or the value of securities by means of unfair, improper or fraudulent practices. In 2008, The AMF warned investors that some of his practices could be deemed to be market manipulation.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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