Illegal practice and distributionsAMF files suit against Claude Mercier and seeks fines of $1,845,000 and prison term
Securities
Montréal - The Autorité des marchés financiers (the "AMF") has launched penal proceedings in the judicial district of Saint-Hyacinthe against Claude Mercier for violations in connection with illegal distributions. The AMF has filed 84 charges and is seeking fines totalling $1,845,000 and a prison term.
More specifically, the AMF accuses Claude Mercier of acting illegally as a securities dealer on 13 occasions and of making illegal distributions on 71 occasions.
The AMF's investigation showed that Claude Mercier's actions led to losses for approximately 60 investors in the Varennes region. They each invested between $400 and $100,000 with Claude Mercier, who also did business under the name "Micronaute-Plus."
In most cases, Claude Mercier proposed investments in the form of loans. The investments were intended for a video game development company based in California and promised a return of 25% to 33%.
The fine sought with respect to Claude Mercier is five times the minimum fine set out in the Act.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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