Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Renaud Lafrance in the Court of Québec (Criminal and Penal Division), district of Montréal.

The AMF filed one charge against Renaud Lafrance, who was President of Bigknowledge Entreprises Inc. at the time of the allegations, and is seeking a fine of $25,000 for:

  • aiding, by act or omission, on or about April 15, 2005, Bigknowledge Entreprises Inc. to make a misrepresentation that could affect the market value or price of securities in the financial statements filed to support its initial application to the AMF for approval of a prospectus, thereby committing the offence under section 196(1) of the Securities Act (the "Act") with reference to section 208 of the Act.

The fine sought with respect to Renaud Lafrance is five times the minimum fine set out in the Act. The following reasons were considered in setting the fine: general dissuasion, protection of investors, exemplary reasons and the intentional nature of the act.

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

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