The AMF launched its investigation into PlexCoin, DL Innov inc. and Micro-Prêt inc. in May 2017.
Its findings led it to act quickly to obtain freeze orders in connection with assets held in Québec in order to protect investors and limit their losses. The AMF also instituted a number of court proceedings to prevent illegal, abusive or fraudulent financial practices and issued several news releases and investor warnings to advise the public to exercise caution. Moreover, the AMF collaborated with the U.S. Securities and Exchange Commission (SEC), which also conducted an investigation into the activities of Dominic Lacroix and PlexCoin in the United States.
On July 5, 2018, at the request of the AMF, the Superior Court appointed Raymond Chabot Administrateur Provisoire inc. as the provisional administrator (receiver) of certain property belonging to Dominic Lacroix. The judge granted the receiver the powers necessary to take possession of the bitcoins held by Dominic Lacroix. In the summer of 2019, at the AMF’s request, the court expanded the receiver’s powers to allow it to put forward a plan of distribution to the benefit of investors.
In the context of the distribution initiated in this case, the Honourable Justice Daniel Dumais of the Superior Court of Québec issued a decision This link will open in a new window on October 29, 2020 in which he declared that the assets frozen in Québec by the AMF should be distributed among all the creditors of Dominic Lacroix, including those who invested in Micro-Prêts inc. and DL Innov inc, two companies associated with Dominic Lacroix. The judge took note of the U.S. judgement declaring that the assets frozen in the United States by the SEC must be distributed solely to PlexCoin investors. The judge also ordered Raymond Chabot Administrateur Provisoire inc. to promptly clarify the plan of distribution and the applicable mechanism and present them to the court for authorization.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector. The AMF:
- Detects, investigates and seeks sanctions, through proceedings and other remedies, for violations of the laws, regulations and guidelines administered or made by the AMF
- Analyzes whistleblower reports and allegations of offences submitted to the AMF
Claims and distribution process
Once the distribution process is clarified and the Superior Court has approved it, claimant-investors will have to make their claims by contacting the receiver directly at:
- Raymond Chabot Administrateur Provisoire inc. This link will open in a new window
- Email information: [email protected]