Decisions and Freeze and cease trade orders Securities
Montréal – Québec Superior Court Judge Marc David, (Criminal and Penal Division), district of Montréal, dismissed the appeals by Louis-Philippe Séguin and Corporation stratégique SPJ inc. of a decision handed down by Judge Serge Boisvert of the Court of Québec (Criminal and Penal Division), district of Montréal, who found them guilty of insider trading.
On October 22, 2007, in the Court of Québec (Criminal and Penal Division), district of Montréal, Judge Serge Boisvert found
Louis-Philippe Séguin and Corporation stratégique SPJ inc. guilty of trading in the securities of Garda World Security Corporation while having privileged information about this issuer, thereby violating section 187 of the Securities Act (the “Act”).
For these offences, the Court ordered Corporation stratégique SPJ inc. to pay a fine of $20,000, or four times the minimum fine, and Louis-Philippe Séguin to pay a fine of $15,000, or one-and-a-half times the minimum fine. The Court justified imposing fines that were higher than the minimum amounts based on the principle of exemplary sentences and the fact that the defendants were financial market professionals.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
Québec City: 418-525-0337