Stock market manipulation - AMF launches penal proceedings against Bernard Allaire


Montréal - The Autorité des marchés financiers (the "AMF") has launched penal proceedings against Bernard Allaire. He is charged with two counts of influencing or attempting to influence the market price or the value of securities by means of unfair, improper or fraudulent practices. A $50,000 fine is being sought.

The AMF intends to show that Bernard Allaire made trades on April 3 and 14, 2009 in order to artificially inflate the price of shares of Eloda Corporation. He allegedly exchanged speculative securities between his RRSP and his TFSA to take advantage of differences in the price of the exchanged security, without tax consequences.

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

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