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Initiate offense: mining boss received:
A mining sector leader has just received a fine of $ 150. Meanwhile, 000 for an initiate offense which brought him nearly $ 120,000.
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For four months, around the end of 2023, Éric Lamontagne placed 81 purchase orders for actions of mining resources Vanstar, a Quebec exploration company which was then registered on the TSX growth scholarship.
In the end, he acquired nearly $ 155,000 in shares. In addition to his personal brokerage account, he used those of his wife and daughter-in-law.
A well -treated colleague
Lamontagne made these purchases based on privileged information from Jonathan Gagné. Similarly, who then sat on the board of directors initiate offense: mining boss received of Vanstar.
Jonathan Gagné Photo LinkedIn
In August and September 2023, Gagné entrusted Éric Lamontagne that the company was the subject of “several events of interest” on the part of potential buyers, we read in documents deposited at the Administrative Court of Financial Markets (TMF).
Then, in November, Jonathan Gagné informed Lamontagne that the Toronto giant Iamgold wanted to acquire Vanstar. The transaction will be announced the following month for $ 31 million.
Lamontagne, who is an engineer by training, was then managing director of the Ontario firm Greenstone Gold Mines. Jonathan Gagné was one of initiate offense: mining boss received his subordinates for several years.
Éric Lamontagne achieved a profit of just over $ 119. 000 with his transactions on Vanstar, which represents an enticing yield of 77% in just a few months.
“Merry Christmas!” wrote to Lamontagne in a text message on the day of Iamgold’s announcement. a way of “celebrating” the gain of his colleague, revealed the investigation of the Autorité des Marchés Financiers (AMF).
He repents
The AMF assures that Eric Lamontagne “quickly collaborated” with it by admitting its operations on the titles. of Vanstar.
The two parties have concluded an agreement which provides for the payment of a fine of $ 150. 000 and the delivery of $ 119,000 illegally won in this case.
In addition. for 18 months, Lamontagne will not be able to act as administrator or manager of a listed company or a firm in the securities sector.
The Administrative Court of Financial initiate offense: mining boss received Markets has ratified the agreement. judging that the measures which the latter provides make it possible to ensure “the maintenance of public confidence in the system while being sufficiently dissuasive”.
The AMF also brought a prosecution against Jonathan Gagné, who is currently working for the Montreal company Amex Exploration. The regulatory organization asks the TMF to impose a fine of more than $ 476. 000 and to prohibit it, for five years, to act as the manager or administrator of a listed company.
Initiate offense: mining boss received
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