Montréal – The Autorité des marchés financiers (AMF) has launched a penal proceeding against Normand Bouchard in the Court of Québec (Criminal and Penal Division), district of Longueuil, and is seeking fines totalling $2,068,000.
The AMF has filed 37 charges against Normand Bouchard for violating the Securities Act (the "Act") over a total of 2,068 days, for:
- carrying on business as a securities adviser without being registered as such with the AMF, by managing securities portfolios pursuant to a mandate, thereby violating section 148 of the Act and committing the offence under section 202 of the Act.
The AMF is seeking fines of $1,000 for each day of offence, namely, the minimum penalty set out in the Act.
The investigation showed that Normand Bouchard advertised in newspapers offering to recover funds invested in RRSPs, LIFs (life income funds) or LIRAs (locked-in retirement accounts).
Normand Bouchard remains under an order issued by the Bureau de décision et de révision en valeurs mobilières in June 2007 prohibiting him from trading in securities and carrying on business as a securities adviser. The actions Normand Bouchard is alleged to have committed occurred prior to the cease trade order.
The Autorité des marchés financiers (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