Quebec financial regulator Authorité des marches financiers (AMF) looks into suspicious trading of possible rogue branch. Nothing proven at this point but where there’s smoke there’s fire.
Quebec financial regulator Authorité des marches financiers (AMF) looks into suspicious trading of possible rogue branch. Nothing proven at this point but where there’s smoke there’s fire.
Sleepy Dorval, Quebec, a suburb in Montreal, is the last place you’d expect a securities investigation to break out but that’s exactly what’s happened.
The Globe and Mail reports that the AMF, Quebec’s regulator for financial services, is investigating as many as 12 brokers in the Dorval office of Manulife Securities.
What’s behind the investigation?
The brokers, who are friends and family in addition to being work associates, are under investigation because of a request from FINRA related to unusual trading of Amaya Inc. stock prior to it announcing its $6 billion acquisition of PokerStars last June.
Including the brokers from Manulife’s Dorval office, approximately 300 investors are under review for unusual trading activity, an exceptionally large number under these circumstances.
Interestingly, Amaya’s head office is only a few kilometres down the road.
Amaya spokesperson Tim Foran commented about the review, “Amaya is not aware of any connection between retail brokers at Manulife Securities and any other employee at the company.”
Manulife has yet to comment.
Sleepy Dorval, Quebec, a suburb in Montreal, is the last place you’d expect a securities investigation to break out but that’s exactly what’s happened.
The Globe and Mail reports that the AMF, Quebec’s regulator for financial services, is investigating as many as 12 brokers in the Dorval office of Manulife Securities.
What’s behind the investigation?
The brokers, who are friends and family in addition to being work associates, are under investigation because of a request from FINRA related to unusual trading of Amaya Inc. stock prior to it announcing its $6 billion acquisition of PokerStars last June.
Including the brokers from Manulife’s Dorval office, approximately 300 investors are under review for unusual trading activity, an exceptionally large number under these circumstances.
Interestingly, Amaya’s head office is only a few kilometres down the road.
Amaya spokesperson Tim Foran commented about the review, “Amaya is not aware of any connection between retail brokers at Manulife Securities and any other employee at the company.”
Manulife has yet to comment.
