Quebec’s securities regulator, the Autorité des marchés financiers (AMF), is investigating a former Bell employee for alleged insider trading related to several acquisitions the company made between 2012 and 2015.
The watchdog said in a statement that it executed search warrants and obtained freeze and cease trade orders “to stop an illegal insider trading scheme” it says involves Renee Morier, who was the executive assistant to a senior official of BCE Inc., the parent company of Bell Media.
AMF spokesman Sylvain Theberge says no one has been arrested and no charges have been laid as the investigation is ongoing.
Attempts to reach Morier on Thursday were unsuccessful.
Morier is accused of “communicating privileged information” to family members and friends about BCE’s acquisition of Glentel Inc., Bell Aliant and Astral Media Inc., between 2012 and 2015, according to the AMF.
The AMF alleges Morier and the others accused generated over $1 million in profits during that time period.
The AMF said it has not targeted BCE, which it says is co-operating in the investigation.
“Deterring illegal insider trading is a top priority for the AMF,” the regulator’s executive director, Jean-Francois Fortin, said Thursday in the release. “By using privileged information, offenders undermine market efficiency and create an imbalance between those who are in the know and those who aren’t.”