The Tribunal for the Management of Financial Markets (TMF) revealed on Wednesday that a financial planner was sentenced on May 31 to pay $84,114 for insider trading related to the sale of RONA to US giant Louise.
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Jean-François Castongue, who worked as a financial planner and financial security advisor at SPA Assurances, also had his license suspended for two months.
While selling the flagship in Quebec more than five years ago, Mr. Castonguay had benefited from the privileged information, i.e. the hardware store was about to sell, thanks to Christian Roy, former Vice President, Controller, Retail within Rona.
The two men were in the same chalet during holidays in 2015. They would then make several phone calls during January while Mr. Castonguay bought RONA shares. The hardware store sold out in February 2016.
The administrative fine imposed by the TMF, which Mr. Castonguay agreed to pay, represented twice the gains he made from the transactions in question.
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