RONA shareholders fined for insider trading

Quebec’s financial regulator has found that two investors profited from advance knowledge of the 2016 sale of RONA to Lowe’s. Alain Poudrette was fined $430,990 and Rénald Moreau $16,563.

In anticipation of the sale, the pair bought up bulk quantities of shares in RONA, selling them at considerable profits when the deal became public. In both cases, the amounts of the penalties, therefore, represent approximately 1.5 times the earnings pocketed through insider trading.