MONTREAL, May 12, 2011 /CNW Telbec/ - In a decision handed down on May
6, 2011, Judge Juanita Westmoreland-Traoré of the Court of Québec,
district of Montréal, imposed fines totalling $132,974 against Richard
Quesnel, former president and CEO of Consolidated Thompson. He had been
found guilty on four counts brought against him by the Autorité des marchés financiers (the "AMF").
In November 2010, Richard Quesnel was found guilty of trading, on two
occasions in March 2006, in the shares of Consolidated
Thompson-Lundmark Gold Mines Limited (now Consolidated Thompson Iron
Mines Limited) while holding privileged information, namely, the
results of a feasibility study pertaining to the Bloom Lake Iron Ore
Deposit project. He was also found guilty of failing to report the
trades via SEDI within the 10-day time period required by regulation.
Richard Quesnel intends to file an appeal.
In the same matter, Martial Côté, project manager at an engineering firm
at the time of the alleged facts, pleaded guilty to one count of
illegal insider trading and was fined $18,000. A third penal proceeding
had also been filed in this matter against another engineer, Patrice
Live. A decision in this regard has not yet been handed down.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial
SOURCE Autorité des marchés financiers
For further information:
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337