Illegal Practices and DistributionsAMF launches penal proceedings against André Bernou, Intra Pacifico Consultant Inc. and Francine Bourque
Securities
Montréal - The Autorité des marchés financiers (the "AMF") has launched penal proceedings against André Bernou, Intra Pacifico Consultant Inc. and Francine Bourque in connection with illegal distributions and is seeking fines totalling $98,000.
More specifically, the AMF filed six charges against André Bernou, an architect from Switzerland, for aiding Intra Pacifico Consultant Inc. with making distributions without a prospectus and acting illegally as a securities dealer. The AMF is seeking fines totalling $38,000 against him.
Six charges were also filed against Intra Pacifico Consultant Inc., a company headed by André Bernou. The company's main business activities are managing building construction projects in Maghreb and Dubai. The AMF accuses André Bernou of making distributions without a prospectus and acting illegally as a securities dealer. Fines totalling $40,000 are being sought.
Finally, the AMF filed seven charges against Francine Bourque, a friend of André Bernou who invested in Pacifico and also solicited relatives to invest. The AMF accuses her of aiding Intra Pacifico Consultant Inc. with making distributions without a prospectus, acting illegally as a securities dealer and declaring to an investor that the security would be listed. Fines totalling $20,000 are being sought.
Investors were led to believe that their initial investment, which was supposedly to be used to finance an investment project in Dubai, would double within thre emonths. The AMF's investigation revealed that the two investors on behalf of whom charges were filed lost approximately $50,000.
The AMF also contacted the British Columbia Securities Commission because it suspected that André Bernou was also operating in that province.
The AMF reminds investors of the importance of being vigilant before investing. They should be suspicious of offers that are too tempting and should check whether the representatives who are offering investment products are registered with the AMF. Investors who have been approached by the individuals or the company involved in this matter should contact the AMF.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial industry.
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