Late Insider Trading ReportsAMF files suit against Guy Goulet and seeks fine of $66,500
Securities
Montréal – The Autorité des marchés financiers (AMF) has launched a penal proceeding against Guy Goulet in the Court of Québec, district of Montréal, and is seeking fines totalling $66,500 for failing to comply with insider reporting deadlines.
The AMF has filed charges against Guy Goulet for failing, between September 2007 and February 2010, to disclose within the prescribed 10-day period 26 changes in his control over the securities of H2O Innovation (2000) Inc. (or H2O Innovation Inc.) and Maya Gold & Silver Inc., reporting issuers of which he was an insider.
Guy Goulet was a director and the chairman of the board of directors of H2O Innovation (2000) Inc. (or H2O Innovation Inc.) between May 2003 and June 2009. Since June 2008, he has held the position of chief executive officer of Maya Gold & Silver Inc.
In January 2009, Guy Goulet was ordered to pay $14,300 in fines for failing to report changes in his control over the securities of H2O Innovation (2000) Inc. on 11 occasions.
The AMF reminds insiders that, as of November 1, 2010, they are required to report, within five days of the event, any change in their control over the securities of a reporting issuer via the System for Electronic Disclosure by Insiders (SEDI). Insiders who do not file reports in a timely manner diminish market efficiency and deprive investors of information that could influence their investment decisions.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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