August 23, 2016 Securities

Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding in the judicial district of Joliette against Gilles PayetteThe respondent Gilles Payette should not be confused with Gilles Payette who holds certificate No. 145971 in damage insurance and is attached to Promutuel Réassurance. .

The suit includes 44 charges, namely, 23 charges related to distribution without a prospectus and 21 charges related to illegal practice as a securities dealer. Gilles Payette faces minimum fines totalling $160,000.

The AMF investigation revealed that Gilles Payette solicited the general public to finance three investment projects for the purpose of setting up a customer rewards program. Investigators collected testimonies from 20 persons, who had invested a total of $397,000.

At the time of the facts at issue, Gilles Payette was not registered with the AMF as a securities dealer or adviser. Moreover, the companies which he used to carry on distribution activities (Reddentes/IdCentury, E-KONO and Réseau Impact) had not prepared a prospectus for approval by the AMF or been granted an exemption.

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

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