Philip Renaud guilty

Decisions and Freeze and cease trade orders Securities

Montréal – The Autorité des marchés financiers acknowledged, on December 3, 2008, the guilty pleas entered by Philip Renaud related to a penal proceeding launched in November 2008 in the Court of Québec (Criminal and Penal Division), district of Montréal.

Philip Renaud pleaded guilty to the 5 charges brought against him and paid the $10,000 fine as well as the costs sought by the AMF for:

  • failing to disclose to the regulatory authority, within the prescribed 10-day period, a change in his control over the securities of a reporting issuer, thereby violating section 97 of the Securities Act, R.S.Q. c. V-1.1 (the "Act").

This penal proceeding draws on a graduated approach to the measures taken against Philip Renaud given that administrative penalties were imposed on him in 2006 for similar offences. The amount the AMF sought was therefore double the minimum penalty set out in the Act.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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