Late insider trading reports - AMF sues Joel Scodnick


Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Joel Scodnick and is seeking fines totalling $24,000 for failing to comply with insider reporting deadlines.

The AMF accuses Joel Scodnick of failing to report, within the prescribed time period, changes in his control over the securities of Ressources MGold Inc., Ressources Searchgold Inc. and Graniz Mondal Inc. on nine occasions, between December 2005 and November 2009. The reporting delay for three of these transactions was more than a year.

Joel Scodnick has been a director of Ressources MGold Inc. since June 19, 2006, director and executive of Ressources Searchgold Inc. since December 8, 2005 and director of Graniz Mondal inc. since January 1, 1997.

In 2006 and 2007, the AMF imposed four administrative monetary penalties against Joel Scodnick for similar omissions. Despite these penalties, Joel Scodnick continues to file insider reports after the time periods prescribed by regulation. The AMF therefore intends to seek penal fines representing double the minimum fine set by the Securities Act.

The AMF reminds insiders that they are required to report, within five days of the event, any change in their control over the securities of a reporting issuer via 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 industry.

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