Former National Bank employee and his mother pay $330,000 to settle Alberta insider trading case
Dean Labbe received a 20-year trading ban, the longest the Alberta regulator has imposed in at least 15 years.
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A former National Bank of Canada employee in Calgary and his mother have agreed to pay the Alberta Securities Commission $330,000 to settle a multi-year insider trading case, the regulator announced.
Dean Labbe, who worked in the bank's investment banking arm on mergers and acquisitions, received a 20-year ban on trading or purchasing securities and derivatives, subject to limited exceptions. The commission's director of enforcement, Cynthia Campbell, said it is the longest prohibition the regulator has imposed in at least 15 years. His mother, Julie Labbe, was banned for 10 years, also subject to limited exceptions.
Campbell told reporters the ban "reflects the fact that his conduct was deliberate, repeated." She said Labbe "tried to hide through his mother's account" a course of action she described as concerted.
The settlement says Labbe admitted using confidential information from his job to recommend or make trades in accounts in his mother's name, and that he illegally recommended securities for her to buy. Julie Labbe admitted allowing his actions despite knowing they were wrong. The trading activity brought in about $130,000 in profits over six years, across 10 transactions, seven of them purchases. Labbe worked at the bank from May 2018 to June 2024 and did not disclose the trading to his employer, which barred him from trading while in possession of confidential information and from trading Canadian issuers or the bank's clients' securities.
The last trade was in March 2024, and the investigation began shortly after. The commission did not name the institution in its announcement, though earlier filings named National Bank's investment banking arm. National Bank said it is aware of the settlement and co-operated fully with regulators.
"All investors should be able to participate in markets on a level playing field," Campbell said. "The commission will take action when we identify that the people who have privileged access to information are using that improperly."
The Labbes have not publicly responded to the settlement.
