Securities

Montréal – The Autorité des marchés financiers (AMF) has launched a penal proceeding against Philip Renaud in the Court of Québec (Criminal and Penal Division), district of Montréal.

In its suit, the AMF has filed five charges against Philip Renaud and is seeking $10,000 in fines for:

  • failing to report to the regulatory authority, within the prescribed period of 10 days, a change in his control over the securities of an issuer, thereby violating section 97 of the Securities Act, R.S.Q., c. V-1.1 (the "Act").

The AMF is seeking fines representing twice the minimum fines set out in the Act in light of the similarity of allegations against Philip Renaud in administrative matters and for exemplary reasons and general deterrence.

In June 2006, the AMF imposed two administrative penalties against Philip Renaud for late insider trading reports and sought a total fine of $25,000. The current penal proceeding thus draws on a graduated approach to the measures taken against him for similar offences.

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

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