TMF Fines Claude Roy Over Lion Electric Insider Trading

The Tribunal administratif des marchés financiers sanctioned Claude Roy on September 28, 2026, after he admitted conducting trades involving La Compagnie Électrique Lion shares while holding privileged information about the company’s acquisition process and planned creditor protection, according to the Autorité des marchés financiers.

The TMF approved an agreement between Roy and the AMF that resulted from an investigation into the communication and use of confidential market information. The case involved transactions made in November and December 2024, according to the regulator.

Roy received an administrative penalty of $1,109,691 and a two-year ban from conducting securities transactions. The TMF also prohibited him from acting in certain market-related roles for two years, as reported by newswire.ca.

According to the AMF, Roy carried out nine sale transactions over about one and a half months while aware of information related to Lion’s potential acquisition and its planned protection under the Companies’ Creditors Arrangement Act.

The transactions allowed Roy to avoid losses totaling $792,640, according to the AMF. The regulator said the conduct violated Quebec’s Securities Act provisions governing the use of privileged information.

The TMF considered the seriousness and duration of the violations, the number of transactions, and the avoided losses when determining the sanction. The tribunal also took into account Roy’s lack of prior disciplinary history and his cooperation during the investigation.

The agreement was reached under the AMF’s self-reporting and cooperation policy, which was cited by the regulator as the framework for the settlement. The AMF oversees financial sectors including securities, insurance, deposit institutions, and financial product distribution in Quebec.