Illegal practice and distribution without prospectusAMF launches further proceeding against Daniel Poulin
Securities
Montréal – The Autorité des marchés financiers (the "AMF") has launched a penal proceeding in the judicial district of Québec City against Daniel PoulinThe respondent Daniel Poulin should not be confused with:
- Daniel Poulin who holds certificate No. 127630 in accident and sickness insurance and pursues activities as an independent representative;
- Daniel Poulin who holds certificate No. 161328 in financial planning and is registered as a mutual fund dealer representative with Desjardins Financial Services Firm Inc..
More specifically, Daniel Poulin faces three charges, namely, one count of illegal practice as a securities dealer, one count of aiding in making a distribution without a prospectus and one count of breaching a decision issued by the Financial Markets Administrative Tribunal (the "Tribunal"). Daniel Poulin has never been registered with the AMF in any capacity whatsoever.
In the past few years, the AMF launched two proceedings against Daniel Poulin. As part of the first proceeding (in French only), launched in October 2011 against Daniel Poulin, Claude Thibaudeau and Roch Champigny, Daniel Poulin faced 51 charges, in particular for illegal practice as a securities dealer, making a distribution without a prospectus, aiding in making a distribution without a prospectus and making misrepresentations.
In October 2012, the AMF launched a second proceeding, this time against Daniel Poulin and his company Eco6. In this matter, Daniel Poulin faced eight counts of illegal practice as a securities dealer, making a distribution without a prospectus and aiding in making a distribution without a prospectus.
Further to these proceedings, the parties submitted a joint proposal to the Court on December 14, 2016.
In accordance with this proposal, Judge Réna Émond of the Court of Québec, district of Québec City, ordered Daniel Poulin to pay fines totalling $960,000 for the 59 charges filed against him in the two matters. He was also sentenced to a six-month concurrent prison term in connection with the four charges of making a distribution without a prospectus filed as part of the second proceeding.
Under the agreement entered into between the parties, Claude Thibaudeau, who faced 16 charges for illegal practice as a securities dealer and aiding in making a distribution without a prospectus, was fined a total of $96,000. As for Eco6, it was ordered to pay fines totalling $80,000.
Previously, further to a decision issued in 2015, Roch Champigny was ordered to pay a fine of $7,500 for acting illegally as a dealer and making misrepresentations.
On January 16, 2017, despite the joint proposal of the parties ratified by the Court of Québec, Daniel Poulin appealed these decisions and asked the Québec Superior Court to withdraw the guilty pleas he entered in May 2015.
On February 20, 2017, at the request of the AMF, Judge Raymond W. Pronovost of the Court of Québec, district of St-Maurice, dismissed Daniel Poulin's appeal given that he still admitted to the essential elements of the offences at issue and did not present a valid defence.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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