Montréal - The Autorité des marchés financiers (the AMF) has filed 109 charges against François Simard, Stéphane Valois and Monique Langelier for, among other things, aiding with distributions without a prospectus, illegal practice as a securities dealer or hindering the work of a person conducting an inquiry. The AMF will seek a total of $1,022,000 in fines.
The AMF's investigation shows that François Simard acted as an intermediary with investors for the sale of securities of several mining companies and allegedly received finder's fees and share issuance fees relating to the amounts invested. Stéphane Valois allegedly helped François Simard recruit investors and suggested that investors purchase flow-through shares of certain companies. Monique Langelier also allegedly acted as an intermediary in connection with distributions made by mining companies and received commissions on the amounts raised. She also allegedly used the title of financial planner on invoices for professional fees without holding a certificate allowing her to do so.
Note that in this matter there was no misappropriation of funds by the three individuals in question. The investors in fact received the shares they purchased but they could not subscribe for this type of investment since they are not accredited investors.
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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