Late Insider Trading Reports - Michel David fined $8,700
Decisions and Freeze and cease trade orders Securities
Montréal - In a decision handed down on August 25, 2011, Justice of the Peace Jacques Barbès of the Court of Québec, district of Val d'Or, ordered Michel David to pay fines totalling $8,700, which was the penalty recommended by both parties.
Michel David, an insider in respect of Northern Star Mining Corp., had pleaded guilty to the five counts brought against him by the Autorité des marchés financiers ("AMF"), which accused him of failing to report, on five occasions between April 2006 and November 2008, a change in his control over the securities of Northern Star Mining Corp. within 10 days as required. For two of these transactions, Michel David filed the reports 391 days and 881 days late.
Administrative penalties have already been imposed on Michel David for a similar offence. Since November 1, 2010, insiders are required to report their transactions via the System for Electronic Disclosure by Insiders (SEDI) within five days. The requirement gives all investors access to the information within a reasonable period of time.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial industry.
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