Illegal practice and distribution without a prospectusAMF files charges against Michael Lee Mitton, Cynthia Lucas and Cytron Capital Group Inc.


Montréal - The Autorité des marchés financiers (the "AMF") has filed a penal proceeding in the judicial district of Montréal against Michael Lee Mitton, Cynthia Lucas and Cytron Capital Group Inc. ("Cytron"). A total of five charges related to illegal distribution activities were filed.

More specifically, Michael Lee Mitton and British Columbia resident Cynthia Lucas are each facing one count of aiding with a distribution without a prospectus and one count of illegal practice as a securities dealer. The AMF has also filed charges against Cytron, a company headquartered in British Columbia, for distribution without a prospectus.

The AMF's investigation shows that Michael Lee Mitton and Cynthia Lucas encouraged an investor to purchase shares of Petrichor Energy held by Cytron, of which Cynthia Lucas is the sole director.

Neither Michael Lee Mitton nor Cynthia Lucas has ever been registered with the AMF in any capacity, and Cytron has never been granted a receipt for a prospectus or an exemption.

If they are found guilty on all counts, the three defendants are liable to minimum fines totalling $19,000.

The AMF had previously warned investors to exercise caution in light of solicitations in the Montréal area by Michael Lee Mitton. In September 2015, at the AMF's request, the Bureau de décision et de révision had also issued a series of orders against Michael Lee Mitton.

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

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