July 15, 2015 Securities Decisions and Freeze and cease trade orders

Montréal - On May 28, 2015, the Bureau de décision et de révision approved an agreement entered into by the Autorité des marchés financiers ("AMF"), Nicholas DaigleThe respondent Nicholas Daigle should not be confused with Nicolas Daigle, dealing representative (mutual fund dealer) with National Bank Investments (client No. 2001057124 / NRD 2987541)  and Gestion Danic inc.

The agreement imposes an administrative penalty of $10,000 on Nicholas Daigle and Gestion Danic inc. along with a number of conditions:

• prohibited from carrying out any transaction in the securities of Gestion Danic inc.;
• banned from pursuing activities as an adviser;
• withdrawing any ad, advertising or other publication similar to the ads published in certain newspapers.

The AMF accused Nicholas Daigle and Gestion Danic inc. of pursuing illegal activities as a dealer and adviser and conducting illegal distributions without a prospectus. Nicholas Daigle had in particular published two ads on websites whereby he offered advisory services to the general public to improve their stock trading returns. As well, he had published an ad in three local newspapers that were available in paper format and on the Internet. They offered mentoring to people who wanted to trade on the stock market.

The AMF investigation revealed that at least two distributions were conducted by Nicholas Daigle and Gestion Danic inc. in the amounts of $50,000 and $25,000.

The aggravating factors in this matter include:

• The respondent had contacted the AMF five months or so before the events at issue for information about his right to pursue activities as a dealer and/or adviser although he did not hold the necessary registrations. The AMF had told him that appropriate registrations were required to pursue activities as a dealer or adviser.
• The respondent made misrepresentations to AMF investigators with respect to the extent of the securities advisory and/or portfolio management services that he offered, and did so while under oath.

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

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