Late insider reporting - AMF sues André Audet


Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding against André Audet, a director of Everton Resources Inc., and is seeking fines totalling $28,000.

The AMF charges that André Audet failed to file, within the prescribed time period, statements about changes in his control over the securities of Everton Resources Inc. on seven occasions between September 2008 and June 2011.

Between February 2007 and October 2008, the AMF imposed five administrative monetary penalties against André Audet for similar omissions. Despite these penalties, André Audet continued to file insider reports after the time periods prescribed by regulation. The AMF therefore intends to seek fines representing double the minimum fine set by the Securities Act. This link will open in a new window

Reminder to insiders

The AMF reminds insiders that they have a five-day period to report their transactions through the System for Electronic Disclosure by Insiders (SEDI) and that it will take appropriate measures against repeat offenders, notably by launching penal proceedings against them. Insiders who do not file reports in a timely manner commit a serious offence by depriving investors of information that could influence their investment decisions.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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