The Autorité des marchés financiers reported that a Quebec judge has levied fines for insiders failing to report certain trades.

The AMF notes that Judge Micheline Dufour of the Court of Québec (Criminal and Penal Division, district of Laval) ordered Martial Rolland and Robert Jones to pay fines of $13,200 and $8,400, respectively, in proceedings launched against them by the AMF for failing to report, within 10 days of the event, changes in their control over the securities of an issuer.

On Dec. 29, 2004, the AMF filed nine counts against Rolland for failing to report, within the prescribed time period, changes in his control over the securities of Rolland Virtual Business Systems Ltd. On Sept. 15, 2005, the AMF launched further proceedings against him for a similar offence. With respect to the total 11 counts, he was ordered to pay a fine in the amount of $13,200, which is more than the minimum fine stipulated under the Act.

As for Jones, he faced seven counts filed against him on March 7, 2005 by the AMF for failing to report, within the prescribed time period, changes in his control over the securities of Rolland Virtual Business Systems. He was ordered to pay a fine of $8,400.

Insiders are required to report, within 10 days of the event, any change in their control of the securities of a reporting issuer via the System for Electronic Disclosure by Insiders.