The Autorité des marchés financiers has lost its bid to compel a man to give testimony in an investigation.

The AMF reports that on September 29, Judge Rosaire Desbiens of the Court of Québec (Criminal and Penal Division) acquitted Camil Girard of a charge leveled against him after he failed to appear to testify in connection with an investigation conducted by the Commission des valeurs mobilières du Québec (one of the predecessors to the AMF).

The CVMQ launched proceedings against Girard in September 2003, and followed up with a second charge in January, alleging first that he failed to appear and testify in connection with an investigation; and, later when he did testify, that he refused to answer one of the questions and refused to provide certain documents.

The regulator reports that the judge upheld his defence of reasonable care and acquitted him of the charge.

Earlier this week, a Quebec court ordered Jean-Pierre Nadeau to appear and testify in connection with a separate AMF investigation,under threat of a contempt of court charge.