Fairfax's Prem Watsa faces probe from Quebec regulator over insider trading
TORONTO - Billionaire investor Prem Watsa is facing an investigation by Quebec's securities regulator over possible insider trading or tipping.
Fairfax Financial (TSX:FFX) disclosed the information in filings for its latest financial results.
The investigation involves Watsa, who owns the investment firm, and the company's president Paul Rivett.
Insider trading happens when an individual has access to confidential information and then uses it to trade on a stock exchange. Tipping involves passing on insider information to a second party who then trades on the knowledge.
Watsa briefly addressed the investigation on Fairfax's conference call Friday morning, saying there was no personal trading involved and that he and Rivette are confident they did nothing wrong.
Fairfax is an insurance and investment company that is involved in a variety of areas, including property and casualty insurance. It also has a stake in smartphone company BlackBerry (TSX:BB).
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