Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding for illegal insider trading against Mathieu Tremblay,1 a former senior services director at BCE Inc. The trades allegedly enabled the respondent to pocket more than $500,000 in profit.
Minimum fines of more than $1 million
The AMF filed three charges against Mathieu Tremblay, namely, one charge of carrying out one or more transactions in respect of the securities of a reporting issuer while in possession of privileged information related to the securities, and two charges of using the privileged information although he was forbidden from carrying out trades in options within the meaning of the Derivatives Act. If found guilty on all charges, Mathieu Tremblay is liable to minimum fines of $1,111,677.
"The use of privileged information in trading options, or any other strategy based on derivatives, is forbidden and is a serious offence that should be harshly penalized," said Louis Morisset, AMF President and CEO. "Combatting illegal insider trading is one of our priorities, and this is concrete evidence of the surveillance conducted by our teams in all financial markets," concluded Mr. Morisset.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
Twitter: @lautorite This link will open in a new window
1 The respondent Mathieu Tremblay should not be confused with:
- Mathieu Tremblay who holds certificate No. 163182 in financial planning and is registered as a dealing representative (mutual fund dealer) with Desjardins Financial Services Firm Inc.;
- Mathieu Tremblay who holds certificate No. 201836 in insurance of persons and is attached to Industrial Alliance Insurance and Financial Services Inc.;
- Mathieu Tremblay who is registered as a dealing representative (mutual fund dealer) with National Bank Investments Inc.