Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Alain Côté Not to be confused with Alain Côté, Dealing Representative (Mutual Fund Dealer), Insurance of Persons Representative as well as Financial Planner and Insurance of Persons Representative, who holds certificate 104842 (NRD 1433571), nor with Alain Côté, Dealing Representative (Mutual Fund Dealer) and Insurance of Persons Representative, who holds certificate 152329 (NRD 1608241), nor with Alain Côté, Financial Planner and Dealing Representative (Mutual Fund Dealer), who holds certificate 192316 (NRD 2726011). and his company ACGI Inc. and filed 185 charges for illegal practice as a dealer and aiding in a distribution without a prospectus. The AMF is seeking $2,705,760 in fines and a prison term in this matter.
Alain Côté allegedly approached investors who entrusted a minimum of $5,000 to him for clients needing short-term cash, for a return on investment of approximately 10% per month. The investors gave Mr. Côté a cheque or bank draft. The cheque was payable to ACGI Inc., of which Alain Côté is the founder and sole shareholder.
The AMF's investigation shows that 26 investors lost a total of approximately $439,280.
Reminder to investors
In its most recent awareness campaign, 5bonnesquestions.ca, the AMF reminds consumers that it is important to be cautious when promised a return that is too good to be true. A basic investment rule should be followed: the greater the expected return, the greater the risk associated with it.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
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