Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding against Ressources Lingot d'Or inc., its former president Richard Arcand as well as the firm's sole director and shareholder Claude Gingras.i A total of 12 charges were filed by the AMF for illegal practice as a dealer, distribution without a prospectus and declaring that a security would be listed. The respondents face a minimum fine of $36,000 for these charges.
The AMF plans to prove that Ressources Lingot d'Or inc. and its officers distributed securities without being registered and without a prospectus approved by the AMF. Four investors purchased securities for a total amount of $21,000.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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i The respondent should not be confused with Claude Gingras, who holds certificate No. 114 597 in claims adjustment and is attached to Le Groupe Rassurance (1982) inc.