Province files insider trading complaint against former FPI executive
ST. JOHN'S, N.L. (CP) - The Newfoundland and Labrador government has launched an insider trading complaint about the sale of stock in seafood company FPI Ltd. (TSX:FPL) by former director George Armoyan.
A spokeswoman with the government's Fisheries Department says the province has asked security regulators to investigate a massive selloff of stocks by Armoyan, who resigned from the company's board of directors last month just as FPI was negotiating a sale of its assets.
Lori Lee Oates says the government launched the complaint after it noticed the company's stock price jump in late March and early April. It is illegal to trade in stocks based on information that has not been made public.
Last month, Armoyan's company Clarke Inc. (TSX:CKI) announced it had reaped $12 million in investment gains, before taxes, nearly half of which was from the sale of its shares in FPI.
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