Illegal insider trading and late insider trading reports - Richard Quesnel found guilty
Decisions and Freeze and cease trade orders Securities
Montréal - On November 17, 2010, Judge Juanita Westmoreland-Traoré of the Court of Québec, district of Montréal, found Richard Quesnel, President and CEO of mining company Consolidated Thompson, guilty on four charges brought against him by the Autorité des marchés financiers (AMF).
Specifically, the AMF accused Richard Quesnel of trading in the securities of Consolidated ThompsonLundmark Gold Mines Limited (now Consolidated Thompson Iron Mines Limited) on two occasions in March 2006 while in possession of privileged information, namely, the results of a feasibility study on the Bloom Lake Iron Ore project. The AMF also accused him of failing to report these two transactions via the System of Electronic Disclosure by Insiders (SEDI) within the prescribed 10-day period.
The sentence will be decided at a future hearing. The AMF is seeking fines that are higher than the minimum fines set out in the Act owing in particular to the objective and subjective seriousness of the offences, and for exemplary and deterrence purposes.
In the same matter, the AMF also initiated penal proceedings against Martial Côté and Patrice Live, who also traded in the securities of Consolidated Thompson Iron Mines Limited while in possession of privileged information obtained through their positions as engineers for this issuer. Their trial will take place from December 7 to 10, 2010.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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