Decisions and Freeze and cease trade orders Securities
Montréal – On April 21, 2008, Québec Court of Appeal Judge André Rochon dismissed the motions filed by Louis-Philippe Séguin and Corporation stratégique SPJ for leave to appeal the March 18, 2008 Superior Court decision which dismissed their appeal of the guilty verdict handed down for insider trading.
On March 18, 2008, Québec Superior Court Judge Marc David (Criminal and Penal Division), district of Montréal, dismissed the appeal by Louis-Philippe Séguin and Corporation stratégique SPJ of a decision handed down on October 22, 2007 by Judge Serge Boisvert of the Court of Québec (Criminal and Penal Division), district of Montréal, who found them guilty of trading in the securities of Garda World Security Corporation while holding privileged information about this issuer, thereby violating section 187 of the Securities Act.
For these offences, the Court ordered Corporation stratégique SPJ 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 maintained that imposing fines that were higher than the minimum amounts was warranted 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