Insider Trading Claims | AMF sues former vice president of Caisse de . store

Autorité des marchés financiers are suing a former vice president of Caisse de Depot et placement du Québec for insider trading in connection with the Colabor Group.

Posted at 12:39 pm

Hugo Juncas

Hugo Juncas

Justin Methoth, Vice President of Private Equity until April 2020, was responsible for investments in large companies. He is accused of communicating confidential information about the food distributor, of which Caisse is a contributor.

Journalism It was reported in April that the exchange’s watchdog conducted two searches of Caisse in January 2020 in connection with these events.

The AMF has also filed seven charges against Jean-François Niolt for retransmitting this information. The former chief financial officer of renewable energy producer Innergex, was fired on April 14 following our discoveries.

Hugo-Sébastien AUBERT photos, LA PRESSE archive

Prior to working at Innergex, Jean-François Niolt (R) was Senior Vice President and Chief Financial Officer at Colabor. Shown here in the company of former food distributor CEO Claude Garipe, who has also been on trial.

Claude Garipe, former CEO of Colabor from 2012 to 2018, is accused of taking advantage of privileged information to resell his shares in the company and avoid a loss.

Journalism He had already leaked the allegations of power in the spring, based on affidavits from investigators filed in the Supreme Court.

Friend’s tip

In August 2019, Méthot learned of the resignation of Lionel Etidegui, then CEO of Colabor. He was going to announce it to his friend Niolt, at least four days before the official press release from the company.

Neault would have quickly announced it to many other people, including Gariépy. Then, the former director of the food distributor had sold “all the common shares in Colabor he held as soon as he became aware of the information,” according to a press release published by the Arab Monetary Fund on Wednesday.

Thus, he could “avoid the loss due to the decline in the company’s share price following the announcement.”

Justin Mitu did not return calls from Journalism. Jean-François Niolt hung up as soon as our journalist showed up. We were unable to reach Claude Garipe.

In a press release issued in April, Méthot emphasized that he had always performed his duties at Caisse with “irreplaceable professionalism, precision and ethics”. He stressed that he never benefited from the transactions, “neither directly nor indirectly.”

“This investigation is going on […] With imaginable consequences for my personal and family life.”

long investigation

The authority had access to the seized evidence “only on September 28, 2021,” 20 months after it searched the Caisse offices, it said. Journalism In April, based on court documents.

The delays were in particular due to Méthot and Fund’s claim of “counsel’s professional secrecy regarding items seized”.

It was therefore necessary to verify whether the seized documents contained information covered by attorney-client privilege, which is protected by the Charter of Rights and Freedoms of Canada.

In his statement, the representative of the authority specifies that Justin Metho has “finally surrendered”, but says nothing about the Fund’s position in this regard.

Director Pierre Carl Bellado

After AMF searched for his office, Méthot Caisse left, according to his LinkedIn profile. In September 2020, he became Senior Vice President and General Manager of Eastman Capital, the wealth management firm of Pierre Carl Pelado.

Journalism He was unable to gather feedback from the CEO of Quebecor prior to publishing this article.

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