Illegal practice and distributions9-1-1 Finance - AMF files suit against Mario Corriveau and seeks $759,000 in fines
Securities
Montréal – The Autorité des marchés financiers (AMF) has filed penal proceedings against Mario Corriveau and is seeking fines totalling $759,000.
The AMF alleges that on 42 occasions Mario Corriveau aided the following companies with illegal distributions: Armor Technologie Canada Inc., Global Food Technologies Inc. (iPura), Viking Glacier Spirits Inc. (Is Vodka), Homes Real Estate Investments & Services Inc., Investpro Real Estate Purchasing and Sales Ltd., and Cash Flow Heaven. The AMF further charges that he illegally pursued activities as a securities dealer or adviser on 43 occasions.
The AMF is seeking fines that are three times the minimum fine set out in the Act. As aggravating factors, the AMF took into account, in particular, the fact that the respondent was aware of the illegality of his acts, the amount of the losses, and the planning, complexity and recurrent nature of the strategy.
The AMF investigation revealed that 16 investors invested $192,850 with Mario Corriveau between September 2005 and April 2008. None of them have recovered their invested capital.
Mario Corriveau is under a cease trade order issued in February 2008 by the Bureau de décision et de révision (the “Bureau”) in connection with www.9-1-1Finance.com. In its decision, the Bureau stated that it was concerned about the allegations submitted by the AMF, in particular, that potential returns of 400% were promised and the fact that several information sessions about these investments were promoted through the website www.9-1-1Finance.com.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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