Illegal insider tradingRenée Morier and Sylvain Milette Fined $354,703
Securities Decisions and Freeze and cease trade orders
Montréal – On July 25, 2017, Judge Yves Paradis of the Court of Québec, district of Montréal, ratified the joint recommendation of the parties and fined Renée Morier and Sylvain Milette a total of $354,703 for having used privileged information relating to the announcements of acquisitions by BCE Inc. of Astral Media Inc. (March 2013), Bell Aliant (July 2014) and Glentel Inc. (November 2014).
The decision was further to a penal proceeding launched by the Autorité des marchés financiers (the "AMF") in November 2015. Renée Morier, a former executive assistant to a senior officer of BCE Inc., faced nine charges, namely, eight counts of communicating privileged information that was not yet known to the public and one count of using privileged information. Judge Paradis ordered her to pay fines totalling $169,500.
Sylvain Milette faced eight charges, namely, four counts of communicating privileged information that was not yet known to the public, two counts of carrying out one or more transactions in respect of the securities of a reporting issuer while in possession of privileged information related to the issuer's securities, one count of using privileged information and one count of conspiring to use privileged information. Judge Paradis ordered him to pay fines totalling $185,203.
Note that, in the same matter, Alain Beauchamp and Jeanne Brûlé were fined a total of $676,847 and ordered to disgorge $269,795 to the AMF.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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