Decisions and Freeze and cease trade orders Securities
Montréal – On November 26, 2010, Martial Côté pleaded guilty before Judge Claude Parent of the Court of Québec, district of Montréal, to one count of illegal insider trading and was fined $18,000. At the time of the charges, he was the project manager of an engineering firm.
The Autorité des marchés financiers (AMF) charged him with carrying out a transaction in the securities of Consolidated Thompson-Lundmark Gold Mines Limited (now Consolidated Thompson Iron Mines Limited) while in possession of privileged information, namely, the results of the feasibility study related to the Bloom Lake Iron Ore Deposit project, obtained through his position as an engineer for this issuer in 2006.
In the same matter, the AMF had filed a penal proceeding against Patrice Live, who allegedly also traded in the securities of Consolidated Thompson Iron Mines Limited while in possession of privileged information obtained through his position as an engineer for this issuer. His trial is scheduled for December 7 to 10, 2010.
In addition, on November 17, 2010, Richard Quesnel, President and CEO of Consolidated Thompson, was found guilty of carrying out two transactions in March 2006 in the securities of Consolidated Thompson while in possession of privileged information and failing to report both transactions within the prescribed 10-day period via the System for Electronic Disclosure by Insiders (SEDI). Richard Quesnel announced in a news release that he intends to appeal this decision.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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