Montréal - On May 12, 2015, the Bureau de décision et de révision (the "Bureau") imposed administrative penalties totalling $195,000 on Louis-Robert Lemire in addition to banning him from acting as a director and officer of an issuer, dealer adviser and investment fund manager for a period of five years on account of violations related to market manipulation and illegal insider trading.
The Bureau concluded that, based on a preponderance of evidence presented by the Autorité des marchés financiers ("AMF"), Louis-Robert Lemire carried out 19 transactions that constituted illegal insider trading in violation of the Securities Act. As well, the Bureau concluded that Louis-Robert Lemire conducted market manipulation with respect to the shares of a reporting issuer (Gale Force Petroleum Inc.), where he served as an administrator, an insider as well as a member of the executive committee, the audit committee and the hiring and compensation committee.
In its decision, the Bureau took into account various aggravating factors, including the fact that Louis-Robert Lemire completed a specialized course to qualify as a securities dealer, his knowledge of the small-cap market, the fact that he held strategic management positions at Gale Force Petroleum and its principal creditor throughout the period of the transactions at issue, as well as the large number and seriousness of the violations committed.
Louis-Robert Lemire recently filed an appeal of the Bureau's decision.
A cease trade order was issued against Louis-Robert Lemire with respect to the shares of Gale Force Petroleum Inc. on September 9, 2008.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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