Gilles Fiset guilty of late insider disclosures

Montréal – Judge Claude Millette of the Court of Québec (Criminal and Penal Division) has found Gilles Fiset guilty of failing to disclose, within 10 days of the event, the changes in his control over the securities of Exploration Tom Inc., of which he is the president.

Mr. Fiset faced eight counts for violation of section 97 of the Securities Act of Québec, with reference to section 174 of the Securities Regulation. The AMF accused him of failing to disclose, within the required time period, the sale of 294,000 shares of Exploration Tom Inc. that took place between August 1, 2003 and August 29, 2003. He was found guilty of two counts and ordered to pay a fine of $2000, plus costs.

Insiders are required to report, within 10 days of the event, any change in their control of the securities of a reporting issuer via the System for Electronic Disclosure by Insiders (SEDI) at This link will open in a new window, thereby giving all investors access to the information within a reasonable time period.

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

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