Montréal - On March 11, 2011, at the request of the Autorité des marchés financiers (the "AMF") and with the consent of the parties, the Bureau de décision et de révision (the "Bureau") issued a cease order against Simon Déry.
More specifically, the Bureau ordered Simon Déry to cease carrying on transactions in respect of any form of investment governed by the Securities Act, including activities as a securities dealer or adviser.
A penal proceeding was launched by the AMF against Simon Déry in March 2008. The AMF accuses him of aiding, by act or omission, 9122-1341 Québec inc., doing business as Groupe ADA, with illegal distributions, namely, debt securities, on nine occasions. The AMF also accuses him of acting as a securities dealer without being registered as such on nine occasions. The trial, which was postponed many times, is expected to take place in the fall of 2011 at the Laval courthouse.
The AMF requested this order because it recently obtained information that leads it to believe that Simon Déry has solicited loans from investors through another company, namely, Hippocampe & Compagnie inc.
This cease order will remain in force until a final decision is issued in this matter. A hearing on the merits has been scheduled for June 2, 2011.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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