MONTRÉAL, Aug. 27, 2015 /CNW Telbec/ - The Autorité des marchés financiers (the "AMF") recently executed search warrants and obtained freeze and cease trade orders to stop an illegal insider trading scheme involving Renée Morier, a former executive assistant to a senior officer of BCE Inc., and some family members and friends, that allegedly enabled the group to realize profits in excess of $1 million between 2012 and 2015.
The AMF notes that the proceedings undertaken do not target BCE Inc., which is fully co-operating in the investigation.
On August 26, 2015, at the request of the AMF, the Bureau de décision et de révision issued several freeze and cease trade orders against Renée Morier, her spouse, Sylvain Milette, her parents, Marie Fenez and Raymond Morier, a friend (Francis Beauchamp) and his parents (Jeanne Brulé and Alain Beauchamp1) and various companies administered by these individuals.
The AMF alleges that Renée Morier, who, at the time, was the executive assistant to a senior officer of BCE Inc., communicated privileged information related to the acquisitions of Glentel Inc., Bell Aliant and Astral Media Inc., to certain family members and friends. These individuals then used this information to trade in the securities of these companies and generate a profit of more than $1 million.
"Deterring illegal insider trading is a top priority for the AMF," said Jean-François Fortin, Executive Director, AMF Enforcement. "By using privileged information, offenders undermine market efficiency and create an imbalance between those who are in the know and those who aren't."
The AMF is pursuing its investigation, particularly in light of the documents reviewed as part of the recently executed search warrants. The AMF wishes to thank the Alberta Securities Commission for its support in this investigation.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
1 The respondent Alain Beauchamp should not be confused with Alain Beauchamp (certificate 101 321), registered in insurance of persons, group insurance of persons and financial planning with the firm Les services financiers Beauchamp inc. and as a mutual fund dealing representative with the firm Groupe Cloutier Investissements inc.
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
SOURCE Autorité des marchés financiers
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