Montréal - The Autorité des marchés financiers (AMF) announces that it has filed proceedings that include allegations of trading based on privileged information that has not been disclosed to the public in securities of Arura Pharma inc. with the Bureau de décision et de révision (Bureau) pursuant to which it is seeking payment of a total of $150,746.56.
The proceedings taken by the AMF involve stock market transactions between April 29 and June 6, 2008 in securities of Arura Pharma inc. by Daniel Pharand, former President of Arura Pharma inc., Jacques Gagnon, a consultant with Arura Pharma inc. and FIER Cap Diamant inc., shareholder of Arura Pharma inc.
The AMF claims that these trades were made when the respondents held information that had not been disclosed to the public, namely, the extent of Arura Pharma's financial troubles at the time.
More specifically, the AMF is asking the Bureau to order the following individuals and companies to pay administrative penalties: a $8,760 penalty for Daniel Pharand, a $35,136.56 penalty for Jacques Gagnon, a $66,850 penalty for FIER Cap Diamant S.E.C., a $10,000 penalty for Éric Dupont, member of the Investment Committee of FIER Cap Diamant S.E.C., and a $5,000 penalty for Louise Blais, Vice-President Investments and member of the oversight committee of FIER Cap Diamant S.E.C.
The AMF is also asking the Bureau to impose a $25,000 penalty on Louis Paquet, a securities dealer with an unrestricted practice and member of the oversight committee of FIER Cap Diamant S.E.C. It is also asking the Bureau to suspend his registration as a securities dealer with an unrestricted practice for six months and, following that period, to impose registration conditions on him to ensure the protection of the financial markets and investors.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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