Published: May 29, 2008
Securities

Montréal – The Autorité des marchés financiers (AMF) has launched three penal proceedings in the Court of Québec (Criminal and Penal Division), districts of Terrebonne, Québec City and Bedford, against Ghislaine Pigeon, Line Vaillancourt and Luc Tessier.

As part of its proceedings against Ghislaine Pigeon, the AMF filed 37 charges for acting as a securities dealer without being registered as such with the regulatory authority, thereby violating section 148 of the Securities Act, R.S.Q. c. V-1.1 (the "Act"). The AMF is seeking a fine of $111,000 plus costs with respect to these charges, which is triple the minimum fine under the Act.

Line Vaillancourt faces 14 charges for acting as a securities dealer without being registered as such with the regulatory authority. The AMF is seeking a fine of $42,000 plus costs with respect to these charges, which is triple the minimum fine under the Act.

Luc Tessier faces 27 charges for acting as a securities dealer without being registered as such with the regulatory authority (2 counts) and for aiding, by act or omission, Méga Prêt 2000 inc. and Groupe Financier Inter Continental S.A. with the distribution of a form of investment governed by the Act, namely, an instrument evidencing a debt in the form of a loan from an investor to the above-mentioned companies, without a prospectus approved by the regulatory authority, thereby violating  11 and 208 of the Act (25 counts). The AMF is seeking a fine of $381,000 plus costs with respect to these charges, which is triple the minimum fine under the Act.

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

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