AMF files 2 charges against Ronald Brisebois and Isacsoft Inc.
Securities
Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Ronald Brisebois and Isacsoft Inc. in the Court of Québec (Criminal and Penal Division), district of Montréal, and is seeking fines totaling $6,000.
In its suit against Ronald Brisebois, who was President and CEO of Isacsoft Inc. at the time of the allegations, the AMF has filed one charge and is seeking a fine of $3,000 for:
- aiding, on or about November 17, 2005, his company, Isacsoft Inc., in not filing, within the required two business days, a press release with the AMF pursuant to section 147.11 of the Securities Act (the “Act”), despite the fact that Isacsoft Inc. had just acquired more than 10% of the voting shares of Bigknowledge Enterprises Inc., a reporting issuer, thereby committing an offence under section 195(3) of the Act.
In its suit against Isacsoft Inc., the AMF has filed one charge and is seeking a fine of $3,000 for:
- failing to file, within the required two business days, a press release with the AMF pursuant to section 147.11 of the Act, despite the fact that the company had just acquired more than 10% of the voting shares of Bigknowledge Enterprises Inc., a reporting issuer, thereby committing an offence under section 195(3) of the Act.
The fines sought are triple the minimum fines set out in the Act. These fines are being sought in view of the offence committed by a financial market professional, the significance of the impact of continuous disclosure on investors as well as for exemplary reasons.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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