The Autorité des marchés financiers (AMF) has brought market manipulation charges against a corporate executive and his investment advisor.
The Quebec securities regulator said that it has launched a penal proceeding against Clément Forget, president of Les Technologies Clemex, alleging that he carried out trades designed to boost the company’s stock price.
The AMF said that it has filed two charges against Forget, “for influencing or attempting to influence the market price or the value of securities by means of unfair, improper or fraudulent practices.”
It also filed one charge against his investment advisor, Claude Parent, for helping Forget carry out his trading in one instance.
The allegations have not been proven. The AMF indicates that it is seeking $60,000 in fines against them.
The AMF notes that the respondent Claude Parent should not be confused with Claude Parent, financial planner and dealing representative (mutual fund and exempt market dealer) attached to Fonds d’investissement FMOQ inc. and Société de gestion privée des Fonds FMOQ inc.