TORONTO (miningweekly.com) – Former Consolidated Thompson CEO Richard Quesnel has been fined C$132 974 for insider trading in 2006, a Quebec regulator said on Thursday.
The Autorité des marchés financiers (AMF) said it handed down the decision last week, and that Quesnel intends to file an appeal.
He was found guilty of insider trading in November last year, for buying shares on insider information – the results of a feasibility study into Consolidated Thompson’s Bloom Lake mine.
In a related case, the AMF said Martial Côté, project manager at an engineering firm at the time of the alleged facts, pleaded guilty to illegal insider trading and was fined C$18 000.
A decision in this regard has not yet been handed down for the third person accused of insider dealing, Patrice Live, the regulator added.
In a separate development, US-based Cliffs Natural Resources announced on Thursday that it had closed its C$4,9-billion acquisition of Consolidated Thompson, and the company’s shares would be delisted from the TSX on Friday.