April 18, 2017 Securities Decisions and Freeze and cease trade orders

Montréal – On January 24, 2017, Judge Johanne White, Justice of the Peace of the Court of Québec, district of Montréal, ordered Adrian Sepulveda to pay a fine of $4,000 in connection with illegal practice as a derivatives adviser.

In a proceeding launched in December 2013, the Autorité des marchés financiers (the “AMF”) accused Adrian Sepulveda of pursuing activities as a derivatives adviser without being registered as such with the AMF.

More specifically, the AMF alleged that he had made a recommendation to an investor to do business with Fondation Internationale CDS and Daniel Duval and Jean-Claude Sénécal, who were acquaintances of his. Following his initial recommendation, Adrian Sepulveda contacted the investor again on several occasions and set up a meeting between the investor and the acquaintances. He contacted the investor afterward to verify if he had indeed made an investment. The victim invested $200,000, which he lost almost entirely.

In another matter, Eugénie Lise Nolet faced one count of illegal practice as a derivatives dealer. The AMF alleged that she referred an investor to the same firm and the same individuals. Judge White acquitted Eugénie Lise Nolet of the charge.

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

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