AMF acts to end insider trading scheme


Montréal - The Autorité des marchés financiers recently took action to end an insider trading scheme involving Pouya Hajiani, Chief Technology Officer at GéoMégA Resources Inc. (GMA) and some close relations.

The AMF would like to point out that the proceedings launched do not apply to GMA.

On June 29, 2016, at the request of the AMF, the Bureau de décision et de révision (the "Bureau") issued ex parte orders against Pouya Hajiani, Bahador Bakhtiari and Mahsa Sotoudeh to cease trading and orders prohibiting them from withdrawing funds, securities and other assets held in specific dealer accounts.

In its request, the AMF alleged several breaches related to the use of privileged information during the period prior to and after publication of five press releases issued by GMA between February 2014 and April 2016.

The AMF showed that Pouya Hajiani, who remains in his position at GMA, conducted transactions involving GMA securities before the publication of the aforementioned press releases, in which he is occasionally quoted. It also appears from the evidence presented by the AMF that before publication of some of these press releases, Pouya Hajiani was in contact with Bahador Bakhtiari and/or Mahsa Sotoudeh, after which they also conducted transactions involving GMA securities.

The AMF is pursuing its investigation into this matter.

The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.

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