Decisions and Freeze and cease trade orders
Montréal - On December 23, 2014, at the request of the Autorité des marchés financiers ("AMF") based on imperative reasons, including recent solicitations, the Bureau de décision et de révision ("Bureau") issued freeze and cease trade orders against Jean-Claude Sénécal, Daniel Duval and Luc Vallée, among others, related to illegal activities as a securities and derivatives adviser as well as illegal distributions (Illegal practice and illegal distributions - Penal proceedings relating to two schemes).
More specifically, the Bureau issued ex parte cease trade orders in respect of securities and derivatives as well as orders to cease acting as a securities and derivatives adviser against Fondation Internationale CDS, Fondation Agroterre, Foncière Agroterre inc., Geskon Management Group Inc., Association Citoyenne et Solidaire Agroterre, Strategik Management Group, Jean-Claude Sénécal, Daniel Duval and Luc Vallée.
Blanket freeze orders were also issued against Fondation Internationale CDS, Fondation Agroterre, Foncière Agroterre inc. and Association Citoyenne et Solidaire Agroterre. In addition, the Bureau ordered that the websites of the following companies be shut down: Fondation Agroterre, Foncière Agroterre inc., Geskon Management Group Inc. and Association Citoyenne et Solidaire Agroterre.
The AMF investigation revealed that the respondents actively and regularly pursue activities reserved exclusively for securities and derivatives dealers and advisers, and do so without being registered as such with the AMF.
Based on information gathered to date as part of the investigation, it appears that the respondents set up two schemes. The first involves the management of funds and derivatives investments with the goal of obtaining a return to be shared by the investor and Fondation Internationale CDS. As for the second scheme, it involves the promise of returns through a tax refund following an investment with Foncière Agroterre inc.
The respondents Jean-Claude Sénécal, Daniel Duval and Luc Vallée recently filed a notice challenging the Bureau's decision.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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