Late Insider Trading Reports - Insider Fined $18,000
Securities Decisions and Freeze and cease trade orders
Montréal - On June 18, 2012, Justice of the Peace Suzanne Bousquet, of the Court of Québec for the district of Montréal, fined Joel Scodnick a total of $18,000 further to a proceeding instituted by the Autorité des marchés financiers (the AMF) for filing his insider trading reports late.
Joel Scodnick pleaded guilty to the nine charges brought against him. The AMF claimed that he had failed to file reports on the changes in his control over securities of Ressources MGold Inc., Ressources Searchgold Inc. and Graniz Mondal Inc. between December 2005 and November 2009.
In 2006 and 2007, the AMF imposed administrative monetary penalties on Joel Scodnick for similar offences. Despite the penalties, Mr. Scodnick continued to file his insider trading reports after the deadline prescribed by regulation.
Reminder to insiders
The AMF reminds insiders that they have five days to report their transactions using the System for Electronic Disclosure by Insiders (SEDI) and that it will take the appropriate steps against insiders who repeatedly file their reports late, including by taking penal proceedings against them. An insider who does not file his report on time commits a serious offence by depriving investors of information which could influence their investment decision.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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