AMF intervenes in misappropriation of funds in Saguenay

Decisions and Freeze and cease trade orders Insurance Securities

Montréal - On February 12, 2016, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision (the "Bureau") issued ex parte freeze and cease trade orders as well as suspension orders against Steeve Duchesne and 9199-7627 Québec inc., doing business as Forces collectives Saguenay, because of their involvement in the misappropriation of funds in the Saguenay region.

The AMF investigation shows that Steeve Duchesne, a group annuity and group insurance advisor and financial security advisor, allegedly suggested to at least five investors that they transfer funds from their group pension plans to purchase shares of an insurance company. He promised that they would be reimbursed quickly and would receive high returns. In addition to not holding the authorizations required to propose or sell shares, he probably also misappropriated the investors' money.

The Bureau issued orders to freeze the bank accounts and other assets of Steeve Duchesne and his firm.

The Bureau also suspended Steeve Duchesne's certificate and the firm's registration in all sectors in which they were registered and has ordered Steeve Duchesne to cease trading in securities and acting as a securities dealer or adviser.

Investors who believe that they have been targeted by Steeve Duchesne's schemes should contact the AMF Information Centre:

Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Beware of RRSP fraud

Beware if someone suggests that you transfer your RRSP funds to an investment that will generate quick, high returns, as it could be an RRSP fraud. You may be investing in a company that's worthless or that belongs to the fraudster. And, even if you get back some of the transferred funds immediately, you will probably never see the rest of your money.

If you believe that you have been the victim of an RRSP fraud, report it to the AMF immediately.

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

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Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
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