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Ex-president of Jitec fined nearly US$900,000 for insider trading and fraudulent transactions

Reading Time 1 minute read

Autorité des marchés financiers

On July 31, 2008, the Court of Québec ordered Benoît Laliberté, the former president and principal shareholder of Jitec, to pay nearly $900,000 in fines for insider trading and fraudulent transactions. Last February, Mr. Laliberté was convicted on 41 of the 48 charges laid against him under the Québec Securities Act by the Autorité des marchés financiers (AMF). He had been accused of having issued false information in press releases and having made false statements to investors regarding the company's share value. In his judgment, the Honourable Justice Lacerte-Lamontagne considered Mr. Laliberté to have shown contempt for investors, so preoccupied was he with preserving his assets as Jitec's principal shareholder. Marc-André Fabien has successfully represented the AMF in this matter.