Late Insider Trading Reports - Guy Goulet fined $57,000
Decisions and Freeze and cease trade orders Securities
Montréal - On March 22, 2012, Judge Pierre Fortin, Justice of the Peace of the Court of Québec, district of Montréal, imposed fines totalling $57,500 on Guy Goulet for failing to comply with insider reporting deadlines.
Guy Goulet, who was a director and the Chairman of the board of directors of H2O Innovation (2000) inc. between May 2003 and June 2009, and has been President and CEO of Maya Or & Argent inc. since June 2008, pleaded guilty to 26 charges. The Autorité des marchés financiers (the AMF) accused him of failing, between September 2007 and February 2010, to disclose, within the prescribed 10-day period, 26 changes in his control over the securities of H2O Innovation (2000) inc. and Maya Or & Argent inc.
In January 2009, Guy Goulet was fined $14,300 for similar violations.
The AMF reminds insiders that they are required to report any change in their control over the securities of a reporting issuer within five days of the event via the System for Electronic Disclosure by Insiders (SEDI). The AMF will take appropriate measures against repeat offenders, including penal proceedings. 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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