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by Mike Caswell

The Alberta Securities Commission has banned and fined Dean Labbe, a former National Bank Financial employee who worked on mergers and acquisitions, for a six-year insider trading scheme. The ASC says that Mr. Labbe learned about upcoming transactions involving 10 listings and traded on them ahead of the information becoming public. He entered the trades using an account in the name of his mother.

The penalties for Mr. Labbe are contained in a settlement agreement that the ASC released on Thursday, Nov. 5. The ASC has banned Mr. Labbe for 20 years and has ordered him to pay $330,000. The settlement also applies to Mr. Labbe's mother, who is banned for 10 years and is liable for the $330,000 as well. In entering the settlement, Mr. Labbe and his mother have admitted to the violations.

The case arose from 10 mergers or acquisitions in which National Bank acted as a financial adviser. Through his job, Mr. Labbe learned of the transactions before they were disclosed. He worked in a group that provided services to clients involved in major transactions.

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