Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Feico Leemhuis, founder and former president of Future Growth Group Ltd., and is seeking fines totalling $60,000.
The AMF accuses Feico Leemhuis of illegally distributing units of several mutual funds registered in the Cayman Islands and British Virgin Islands, including Future Growth Fund and Future Growth Global Fund, on 10 occasions, and of illegally acting as a securities dealer on 10 occasions. The AMF's investigation revealed that six persons had invested $180,000 in this matter.
On April 28, 2008, the Bureau de décision et de révision (the Bureau) ordered Future Growth Group Ltd., and Adrian Leemhuis, son of Feico Leemhuis and president of the company since 2005, to cease any activity in respect of direct or indirect transactions in securities.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial industry.
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