Decisions and Freeze and cease trade orders Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Richard Quesnel, Martial Côté and Patrice Live in the Court of Québec (Criminal and Penal Division), district of Montréal, and is seeking fines totalling $232,221.90.

In its suit against Richard Quesnel, President and CEO of Consolidated Thompson Iron Mines Limited, a reporting issuer pursuant to the Securities Act (the "Act"), the AMF filed 4 charges and is seeking fines totalling $202,461 for:

  • insider trading in the securities of Consolidated Thompson Iron Mines Limited while having privileged information relating to this issuer, namely, the results of a feasibility study, thereby violating section 187 of the Act (2 counts);
  • as an insider, failing to report, within the prescribed 10-day period, a change in his control over the securities of Consolidated Thompson Iron Mines Limited, thereby violating section 97 of the Act, with reference to section 174 of the Securities Regulation (2 counts).

In its suit against Martial Côté and Patrice Live, the AMF filed 2 charges and is seeking fines of, respectively, $22,543.50 and $7,217.40 for:

  • trading in the securities of Consolidated Thompson Iron Mines Limited while having privileged information at the time of undertaking work for this issuer, namely, the results of a feasibility study, thereby violating section 187 of the Act with reference to section 189 of the Act (2 counts).

The AMF is seeking fines higher than the minimum fines set out in the Act owing to the objective seriousness of the offences and for exemplary and deterrence purposes. In determining the fines in this matter, the AMF also considered the profit the defendants would have realized.

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

— 30 —

Information:

Media only:
Sylvain Théberge: (514) 940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337