Illegal Practices and Distributions3-year prison sentence and almost $1 million in fines against Robert Morin

Securities Decisions and Freeze and cease trade orders

Montréal - On March 24, 2016, Judge Gilles Garneau of the Court of Québec, district of Laval, issued a three-year prison sentence and fines totalling $952,943 against Robert Morin in connection with illegal distribution activities.

In June 2015, Robert Morin, a former representative in insurance of persons, dealing representative (mutual fund dealer) and financial planner, pleaded guilty to the 167 charges brought against him in connection with the following offences: distribution without a prospectus (84 charges), illegal activities as a securities dealer (79 charges), breaching a decision of the Bureau de décision et de révision (3 charges) and misrepresentations related to a securities transaction (1 charge).

An investigation conducted by the Autorité des marchés financiers ("AMF") revealed that Robert Morin solicited clients for loans to finance various projects. However, he was not registered with the AMF as a securities dealer and had not prepared a prospectus for AMF approval nor benefited from an exemption. The amount of funds invested by the 55 investors mentioned on the statement of offence totalled almost $4.9 million.

In his decision, Judge Garneau noted in particular the following aggravating factors: the number of victims, the premeditated nature of the offences and the fact that Robert Morin used a Ponzi scheme to repay personal debts contracted with some investors.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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