Insider Trading - AMF launches proceedings against Jean-Pierre Lefebvre
Securities
Montréal – The Autorité des marchés financiers (the "AMF") recently launched proceedings against Jean-Pierre Lefebvre, an insider in respect of the reporting issuer Semafo, and is seeking $11,000 in fines for illegal insider trading.
The AMF has asked the Bureau de décision et de révision (the "Bureau") to impose an administrative penalty on Jean-Pierre Lefebvre in the amount of $10,000 for violating the Securities Act by carrying out transactions in the securities of Semafo, whose shares are traded on the TSX, while he held privileged information. As well, the AMF is asking the Bureau to order him to pay $1,000 to help cover the costs of investigation and to prohibit him from carrying out any securities transaction for a period of one year.
The investigation was conducted by AMF Investigations - Market Manipulation and Insider Trading together with AMF Market Surveillance. It revealed that, in February 2008, in the days prior to a press release announcing the start-up of a plant in Burkina Faso, Jean-Pierre Lefebvre purchased three blocks of shares in Semafo and subsequently netted a profit of nearly $4,000.
A hearing on this matter before the Bureau is scheduled for 2010.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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