Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Jacques Gagné in the Court of Québec (Criminal and Penal Division), district of Montréal, and is seeking fines totalling $813,000.

In its suit, the AMF filed 7 charges against Jacques Gagné for violating the Securities Act (the "Act") for a period of 813 days by:

  • carrying on business as an adviser without being registered as such with the regulatory authority, thereby violating section 148 of the Act.

In March 2005, an order was made against Jacques Gagné to cease trading and pursuing activities as a securities adviser. In June 2006, Jacques Gagné filed a motion to appeal the decision in the Court of Québec, which ruled on February 16, 2007 that the motion was without grounds. In October 2006, a freeze order was issued in respect of the assets of 9151-2632 Québec inc., of which the sole shareholder and director was Martine Gravel, and 9112-2192 Québec inc., of which the president was Jacques Gagné. These orders are still in effect.

In March 2006, Jacques Gagné was fined $3,260 for failing to appear after two summonses to testify at AMF headquarters and refusing to furnish the items requested during the investigation.

Further to ads published in a daily newspaper in 2003, Mr. Gagné contacted interested parties and, in at least one case, invested a person’s funds without being registered as a securities adviser with the AMF.

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

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