Illegal insider trading - Patrice Live fined $5,000
Securities Decisions and Freeze and cease trade orders
Montréal - On December 5, 2011, Judge Louise Villemure of the Court of Québec, district of Montréal, ordered Patrice Live, an engineer found guilty of illegal insider trading, to pay a fine of $5,000.
The Autorité des marchés financiers (the AMF) had 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 obtained through his position as an engineer for this issuer in 2006, namely, the results of the feasibility study related to the Bloom Lake Iron Ore Deposit project.
In the same matter, Martial Côté, a project manager with an engineering firm, was fined $18,000 in December 2010. Richard Quesnel, former president and CEO of Consolidated Thompson, was also fined a total of $132,974 in May 2011 and appealed the decision.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial industry.
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