The Autorité des marchés financiers today announced that it has brought insider trading charges against a corporate director.

The AMF has launched a penal proceeding against Ghislain Morin alleging that on March 2 and 3, 2004, he sold shares that he held in Ressources Allican Inc. while in possession of privileged information about the company.

It alleges that Morin attended a meeting of the firm’s board of directors on March 1, 2004, where it was decided that the operations of Ressources Allican would be discontinued.

None of the allegations have been proven. The AMF suggests that if the allegations are proven Morin would have violated the Securities Act. The regulator is seeking a fine in the amount of $52,163.50.